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Wall Street Breakfast: Must-Know News
Seeking Alpha Editors' Picks stocks
Tue, 31 Jul 2012
Wall Street Breakfast Editors submit: Top Stories BP swings to loss after $5B writedown. BP ( BP ) swung to a Q2 net loss of $1.38B from a profit of $5.7B a year earlier after a $5B writedowns on a number of key assets in the U.S. Replacement cost profit, which excludes oil price movements, ...
Morningstar's Paul Justice sees the issues facing BP as being industrywide and that investors should look at smaller oil explorers and natural gas plays instead of buying a basket of oil majors.