BP stock lost 15% today and 40% since mid-April. Andarko Petroleum lost 19.55% today and 45% since mid-April and ATP Oil & Gas lost 18% and 60% respectively (look at the comparison chart).
Not only that, $1.5 billion of ATP 11.875% senior second lien notes, sold to institutional investors 1-day before the spill, lost $300 million. The notes are trading at 78.875 according to Bloomberg. Credit default swap spreads on BP spiked 67% today to 167 basis points (insurance premium on BP debt). Also find free BP bond information and historical price/yield charts at Finra.org.
Before forming BP Acquisition LLC (co-led by anonymous Twitter peeps and financed by Prosper.com), I'd like to see BP implied volatility simmer down a bit. On the ISE, BP implied volatility hit a 52 week high of 77.95% with historical volatility at 61.44%. 424,800 options traded today, way above the daily average volume of 59,300 contracts! Let the swings begin....
BP plc [chart courtesy of FreeStockCharts.com]
*BP is unchanged over a 13 year period (since 1997). It hit a low in 2003 and early 2009 and now BP is testing those levels again. Look at BP compared to crude oil.
BP vs. Light Crude [chart courtesy of FreeStockCharts.com]
APC (Andarko Petroleum) [chart courtesy of FreeStockCharts.com]
ATPG (ATP Oil & Gas) [chart courtesy of FreeStockCharts.com]
APC, BP, ATPG comparable since mid-April