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BP p.l.c. ($BP) Stock Forecast: Down 5.1% Today

Morpher AI identified a bearish signal. The stock price may continue to fall based on the momentum of the negative news.

What is BP p.l.c.?

BP is a multinational oil and gas company headquartered in London, UK. It operates in all areas of the oil and gas industry, including exploration, production, refining, distribution, and marketing.

Why is BP p.l.c. going down?

BP stock is down 5.1% on Jul 9, 2024 13:45

  • BP's bearish movement today can be attributed to projecting up to $2 billion in impairment charges for the second quarter, indicating potential financial challenges ahead.
  • Weak refining margins are likely to impact BP's earnings negatively, leading to a decrease in investor confidence and a downward pressure on the stock price.
  • The overall market sentiment towards oil and gas companies, as indicated by BP's movement, seems to be cautious due to uncertainties in demand and profitability, contributing to the bearish trend in the stock.

BP Price Chart

BP News

BP Slides After Projecting Up To $2B in Q2 Impairment Charges

BP, Exxon both say weak refining margins likely to hit earnings

https://www.investopedia.com/bp-slides-after-projecting-up-to-usd2b-in-q2-impairment-charges-8675026

News Article Image BP Slides After Projecting Up To $2B in Q2 Impairment Charges

US Futures Hit 36th Record High Of 2024 As AI Bubble Grows Bigger Ahead Of Powell Testimony

US Futures Hit 36th Record High Of 2024 As AI Bubble Grows Bigger Ahead Of Powell Testimony There is apparently nothing that can stop this relentless tech momentum juggernaut: after the S&P 500 hit another record high on Monday, US equity futures rose again on Tuesday on pace for a fresh all time high as investors awaited fresh dovish hints from Powell on when the Fed''s first cut would come (and follows Nikileaks Timiraos'' weekend report in the WSJ that September easing is largely assured). As of 8:00am S&P futures were up 0.2%, hitting their 36th record high of the year, with Nasdaq futures rising 0.4% as AI/semi stocks continued their endless meltup. Treasury yields rose 2bps while traders held on to bets for two rate cuts this year. That outlook helped fuel expectations for higher longer-term yields and a steeper curve, even as two-year notes continued to exceed their 10-year counterparts. However, for the curve to materially steepen, the US economy needs to deteriorate decisively enough to push the Fed to lower borrowing costs, Bloomberg argues.

https://www.zerohedge.com/markets/us-futures-hit-36th-record-high-2024-ai-bubble-grows-bigger-ahead-powell-testimony

News Article Image US Futures Hit 36th Record High Of 2024 As AI Bubble Grows Bigger Ahead Of Powell Testimony

Indivior Cuts 2024 Outlook, Joins BP And Other Big Stocks Moving Lower In Tuesday''s Pre-Market Session

Full story available on Benzinga.com

https://www.benzinga.com/news/24/07/39685630/indivior-cuts-2024-outlook-joins-bp-and-other-big-stocks-moving-lower-in-tuesdays-pre-market-session

News Article Image Indivior Cuts 2024 Outlook, Joins BP And Other Big Stocks Moving Lower In Tuesday''s Pre-Market Session

BP faces $2bn in impairment charges as profit guidance is cut

The oil supermajor announced plans in March to cut the crude processing capacity of its Gelsenkirchen oil refinery in Germany by a third from next year due to weaker expected future demand.

https://www.dailymail.co.uk/money/markets/article-13615151/BP-faces-2bn-impairment-charges-profit-guidance-cut.html?ito=1490&ns_campaign=1490&ns_mchannel=rss

News Article Image BP faces $2bn in impairment charges as profit guidance is cut

BP shares dip after warning weak refining will hit Q2 profits

The warning, which led several analysts to lower their earnings estimates, will weigh on CEO Murray Auchincloss'' efforts to rebuild investor confidence in BP''s strategy.

https://energy.economictimes.indiatimes.com/news/oil-and-gas/bp-shares-dip-after-warning-weak-refining-will-hit-q2-profits/111608086

News Article Image BP shares dip after warning weak refining will hit Q2 profits

BP p.l.c. Price History

09.06.2024 - BP Stock was down 5.1%

  • BP's bearish movement today can be attributed to projecting up to $2 billion in impairment charges for the second quarter, indicating potential financial challenges ahead.
  • Weak refining margins are likely to impact BP's earnings negatively, leading to a decrease in investor confidence and a downward pressure on the stock price.
  • The overall market sentiment towards oil and gas companies, as indicated by BP's movement, seems to be cautious due to uncertainties in demand and profitability, contributing to the bearish trend in the stock.

09.06.2024 - BP Stock was down 5.2%

  • The bearish movement in BP's stock today could be attributed to the overall bullish sentiment in the market, particularly in the tech sector, as indicated by the continuous rise in US equity futures and record highs in the S&P 500.
  • Investors may be shifting their focus towards high-growth tech stocks, such as AI/semi stocks, leading to a sell-off in traditional energy companies like BP.
  • The anticipation of dovish hints from Powell regarding potential rate cuts by the Fed could be driving investors towards sectors with higher growth potential, further impacting BP's stock negatively.
  • The divergence in performance between tech stocks and traditional energy companies like BP highlights the changing investor preferences and market dynamics influenced by macroeconomic factors.

16.03.2024 - BP Stock was down 1.3%

  • Today, BP experienced a strong bearish movement in the market, and here's a witty assessment of what might have caused this downturn:
  • Institutional investors are doubling down on oil despite divestment pledges, indicating a lack of progress in reducing exposure to companies like BP, which could have contributed to negative sentiment.
  • BP's decision to axe jobs and scale back its EV charging business reflects challenges in its diversification efforts, potentially signaling concerns about the company's ability to adapt to changing market dynamics.
  • The bullish approach of deep-pocketed investors towards BP, as highlighted by significant options activities, could suggest conflicting sentiments in the market, leading to uncertainty and volatility in the stock price.
  • The consideration of BP for a takeover by ADNOC, despite being deemed unsuitable, might have added pressure on the stock as investors speculate on the company's future and competitive position in the industry.
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Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.

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Date
Jul 9, 2024 13:45
Content
BP p.l.c. ($BP) Stock Forecast: Down 5.1% Today What is BP p.l.c.? Why is BP p.l.c. going down? BP BP Price Chart BP News Trending Today BP p.l.c. Price History 09.06.2024 - BP Stock was down 5.1%09.06.2024 - BP Stock was down 5.2%16.03.2024 - BP Stock was down 1.3%