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BP Shares Have Dropped Just As The Trading For Dummies System Predicted
BP PLC shares traded in the U.S. fell nearly 16% on Wednesday and attain its lowest level since 1996 due to increased political pressure experienced by the company for its handling of oil spill in the Gulf of Mexico and fear investors the possibility to suspend payment of its dividend. This is what we expect as trading for dummies system would suggest.
BP’s bonds also came under pressure after President Barack Obama said he would have fired the chief executive of the oil, Tony Hayward, if the executive worked for him.The highest authority of the U.S. government for the spill, Admiral Thad Allen, Coast Guard, demanded on Wednesday that BP give more details on how it is meeting the demands for damages of persons and businesses affected by the spill.
Moreover, the home secretary, Ken Salazar, insisted that Obama’s government will pay salaries BP oil service workers who lose their jobs as a result of the spill.
Amid the increasing attacks on the company, shareholders are preparing for the possibility that BP was forced to reduce or even cancel its dividend, a major source of income for investors and savers in the UK.