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By Jason Stipp | 07-08-2010 04:45 PM

Who's Keeping Their Cool in the Market?

Morningstar markets editor Jeremy Glaser reports on who is and isn't beating the heat this summer.

Jason Stipp: I'm Jason Stipp for Morningstar. And welcome to the Friday Five. As a massive heat wave hit some parts of the United States this week, we found that New York commuters aren't the only ones trying to keep their cool.

Joining me with a special "staying cool" Friday Five is Morningstar's Markets Editor, Jeremy Glaser. Jeremy, thanks for joining me.

Jeremy Glaser: You're very welcome, Jason.

Stipp: So, what do you have for the Friday Five this week?

Glaser: Well, the five people trying to keep cool are BP, European Banks, The Australian Central Bank, retailers, and finally, Microsoft.

Stipp: Well, BP certainly has been in hot water for a while. How have they been trying to keep cool recently?

Glaser: Perennial Friday Five favorite BP decided this week that they are not going to issue new equity. They think that they have more than enough money to pay off their clean off costs and other claims that are going to come from the Gulf oil spill.

Now, it was rumored that they were talking to Abu Dhabi to have a potential investment in BP to kind of consolidate the shareholder base a little bit. This could be helpful as some sort of hostile takeover comes in; with the potential of BP shares trading in the basement for a long time even after the spill is capped, they are worried that someone is going to come in and pick up the company on a cheap and either just break up the assets or capture that value for themselves.

So, they're definitely trying to warn against that. So it kind of keeps them in the news that it certainly they seem to be pivoting away from worrying about the oil spill as much, and instead worrying about their financial strength and how the company is going to look afterwards.

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