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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Halliburton (NYSE: HAL ) fell more than 15% on massive volume before recovering somewhat after it was revealed that the company may have known the cement it used in the BP (NYSE: BP ) well was unstable before it exploded.
So what: A presidential commission found that similar cement had failed Halliburton's own test. The company seems to have mentioned that to BP, but apparently one or both companies failed to do something about it before the well exploded, killing 11 and wrecking the Gulf of Mexico.
Now what: It's not clear yet whether the huge stock slide – which knocked about $2.5 billion off Halliburton's market capitalization -- is warranted. That would largely depend on if the company has been exposed to new liabilities as a result. Oh, Halliburton.
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Report this Comment On October 28, 2010, at 4:40 PM, prime99 wrote:
Just because players like Halliburton and BP have given the industry a black eye doesn’t mean investing in oil and natural gas companies is a bad play. There are other players that have performed exceptionally in light of the crisis in the Gulf this past summer, example being Exxon (XOM) and. Blue Dolphin Energy Company (BDCO). Check out how they compare over 52 weeks.
Exxon vs Oil- http://www.hiddenlevers.com/hl/u?9E9ELB
Exxon isn’t to shabby but you definitely get more bang for you buck with Blue Dolphin
Blue Dolphin Energy Company vs Oil- http://www.hiddenlevers.com/hl/u?akwpbD
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