Great buying opportunity:|
BP shares trading on U.S. exchanges fell more than 15 percent to a 14-year low on Wednesday on growing worries about the costs the oil company will incur after the Gulf of Mexico oil leak.
Depositary shares closed [BP 29.20 -5.4775 (-15.8%)] at $29.20, down $5.46 on the New York Stock Exchange, the lowest closing level since August 14, 1996. The stock has lost more than half its value since the April 20 disaster.
"It seems that shares are under pressure from the fear of whether BP can survive. It is not just a rumor about the potential of a dividend cut in BP anymore. Now it's about the survivability of the company," said Jon Najarian, a founder of Web information site optionMonster.com in Chicago.
"Frequently panics like this are buying opportunities but given that what is going on is one mile under the ocean no one is comfortable with the facts as presented so far."