In the US, shares of BP are playing catch-up to the big rally the company saw in European markets on Monday.
Why the happy faces?
For one thing, there’s hope, perhaps, that the relief well will be finished ahead of schedule. According to CNBC, Morgan Stanley is out with a report saying the same thing, as part of a a general upgrade of the drillers.
Meanwhile, there continues to be chatter regarding a possible investment from a sovereign wealth fund, though the company denies it. That’s perhaps the best scenario for the company: Investors can feel good knowing that some big cash infusion could be coming, but the company says it’s not necessary.
At over 31, shares up over 16% from the recent lows above $26.