This Day On The Street
Continue to site
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

Double Dip-Fear Winners: BP, AstraZeneca

NEW YORK ( TheStreet) - Tuesday was not an easy day for stocks, with double-dip fears sending the major market indexes down to big losses. In fact, the only stock among the 30 most actively traded stocks on the New York Stock Exchange to finish Tuesday's trading session up was BP (BP - Get Report).

BP gained more than 2% on Tuesday and was the fifth most active stock on NYSE, with more than 67 million shares traded. Of course, BP sank to a new oil-spill low share price last Friday at $27, so its rise to $27.67 on Tuesday was still relative to its stock price freefall over the past two months.

While BP and the U.S. Coast Guard had to call off the oil spill cleanup effort in the Gulf of Mexico due to high winds from Hurricane Alex, BP shares were provided a boost by the latest takeover rumors.

A report from JPMorgan Chase London investment banking affiliate JPMorgan Cazenove indicated that the major oil companies may be gearing up for a BP takeover attempt. JPMorgan cited Exxon Mobil (XOM) and Royal Dutch Shell (RDS.A.) as potential BP acquirers, and argued that the oil companies would seek to avoid anti-trust issues by spinning off BP's downstream business.

The BP takeover rumors are tied to fears of a BP bankruptcy, and there were also reports on Tuesday that the Federal Reserve Bank had begun an investigation of major financial firms to make sure that a BP failure would not sink the markets. Some trading firms, most notably Bank of America, have instructed traders to not accept any trades involving BP with a duration more than one year.

BP wasn't the only stock that managed to buck the pessimistic trend on Tuesday, even if it was the lone gainer among the top 30 traded NYSE stocks.

A total of five stocks on NYSE trading more than one million shares on Tuesday managed to generate positive returns. The other four stocks were: Raser Technologies (RZ), AstraZeneca (AZN - Get Report), IDT (IDT - Get Report) and Worthington Industries (WOR - Get Report).
1 of 2

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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BP $33.62 0.12%
AZN $29.28 1.10%
BWEN $3.33 -1.48%
GIGM $2.53 0.80%
IDT $15.66 2.09%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs