THE EMBATTLED oil giant BP may have found support after ingratiating itself with the Russians over the controversial Rosneft deal. But threats continue to linger over the Gulf oil spill and brokers who had been viewing the stock as something of a bargain are now tempering their outlook. Combine this with waning oil prices and the fact that this week's earnings statement could offer some additional insight and the 500p per share level may remain somewhat elusive for a while yet. The current IG Index price on BP is 482.6p-483.7p.
Pfizer, the global biopharmaceutical company is due to report its fourth quarter 2010 earnings next week. The company has just announced it has the all-clear to purchase the remainder of King Pharmaceuticals for $14.25 a share. The share price has been rising from around $16 since last December so it is in an existing uptrend, but it could also bounce off the 20-day moving average, which is potentially another buy signal. Capital Spreads quotes a price of $18.46-$18.49.
Investors in the UK’s premier satellite TV provider, BSkyB, will be rubbing their hands after a smashing set of first-half results. While an increase in dividend is always welcome when sales, revenue and profit have risen, shareholders will be holding out for a windfall capital gain.
News Corp, if given the green light by the regulators to go ahead and bid, may now find investors demand a premium for their stake. ETX Capital is quoting 772.5p-773p for the rolling daily contract.