BP Leak Stops, Stock & Options Hop
After some fits and starts, BP’s testing of the accursed well MC252 showed signs of success, at least for now. News of the efficacious plugging process hit the New York Stock Exchange around 3:30 p.m., and BP’s chart for the day looks like a rocket taking off.
The ADR’s share price was up 7.57% at $38.92, and August $40 and $42.50 calls took a good jolt too, rising 95 cents and 63 cents respectively. But there’s not much more juice in the October and January 2011 calls, which is interesting since they should be stuffed with Theta. Then again, considering the massive uncertainty in the ongoing capping work, maybe it’s a miracle that there’s any value in those calls months out. Only time will tell . . . .
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