This Day On The Street
Continue to site right-arrow
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

'Fast Money' Recap: BP Blues

Stocks in this article: CHKINTCAKAM

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).

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs