This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

'Fast Money' Recap: BP Blues

Kaminsky said the stock is enveloped in a lot of uncertainty because no one knows what the value of the company is. "Who knows what will happen when they go out and try to finance themselves?"

He said he heard some talk of possible bankruptcy action. That comment prompted Lee to quickly say there was no basis for the talk about bankruptcy.

Grasso said he sold his BP shares because of the risk of bankruptcy and dividend cut.

Whitney Tilson, managing partner for T2 Partners, said he took advantage of the panic and confusion over BP stock to add to his position, raising his stake in the embattled company from 4% to 5%.

He said the panic and confusion are unfounded. He said BP is one of the most profitable companies on the globe and easily has the financial resources to cover the cleanup costs. For example, he said in the past two months, the company has been saddled with $1 billion in cleanup costs but it has generated $5 billion in pretax profits.

He said only "untold legal judgments" could be a serious problem for BP but that it would take years for those to be resolved.

Terranova expressed his concerns about the negative impact BP is having on the entire energy space. Kelly said he liked natural gas and Chesapeake (CHK - Get Report).

Lee noted a Reuters story that said that BP is heading for a showdown with the White House. Rep. Mike Pence (R., Indiana) said he was disturbed to learn that President Obama had not picked up the phone to call BP's CEO in 50 days. He said that the president needs to exercise more leadership in handling the crisis.

Shifting to the falling euro, Dennis Gartman said the euro is heading toward parity with the dollar and that "shouldn't be a surprise to anyone." He was extremely pessimistic about the future of the euro as a currency.

There was some glum about China's economy as well. Najarian said the iShares: FTSE/Xinhua (FXI) has broken below its 200-day moving average, with "people positioning themselves for more downside."

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AKAM $74.66 0.00%
APC $93.92 0.00%
BP $43.23 0.00%
CHK $16.54 0.00%
DOW $51.69 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs