While there were plenty of headlines on Thursday morning indicating that the suit was hitting BP shares hard -- and BP shares did fall in trading in London -- at the U.S. market open it was only Transocean and Anadarko taking a dive. BP share trade was exactly in line with the performance of the energy sector shortly after the open, close to flat.
Transocean was also downgraded to a hold by Morgan Stanley on Thursday morning. The rating change might explain some of the action in Transocean and Anadarko shares. The companies have seen their share prices double from oil-spill lows and some investors might be booking profits given the uncertainty of the oil spill litigation. Morgan Stanley noted the legal uncertainty in its downgrade of Transocean.BP shares are up more than 40% since its oil spill low of $26.75.
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