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  • Bottom of the barrel: BP value sinks $17B yesterday

    06/10/2010 3:26:07 AM PDT · by Scanian · 38 replies · 121+ views
    NY Post ^ | June 10, 2010 | PAUL THARP
    BP is gushing money faster than its out-of-control well is spewing oil - its stock value dropped an astounding $17 billion yesterday as it faced the prospect of going under water. When BP's Gulf of Mexico drilling rig exploded in a fireball on April 20, its stock sold for $60.48 a share. It closed yesterday at $29.20. That's a mind-numbing $100 billion loss to shareholders in only six weeks. Investors stampeded away from the stock yesterday, with more than five times the usual number of shares trading. When the smoke cleared, BP was down 16 percent, or $5.48, its lowest...