BP plc (BP) Shares Rally the Most Intraday Since October 2008

BP Plc (BP) shares have gained (+12.5%, $33.04 hod) a substantial amount of yesterday’s losses after the co. said it sees no reason to justify the latest wave of selling that left the stock at 14-year lows. The share slide has since April almost halved BP’s market cap. to $101 billion.

“BP is not aware of any reason which justifies this share price movement,” the company said in a statement.

Adding to Wednesday’s sell off was more political rhetoric from the Obama Administration and the suggestions that BP should not pay a dividend until it cleaned up the oil spill.

Iain Armstrong, an analyst at investment manager Brewin Dolphin in London, said that President Obama should not forget that 40% of BP shares are held by U.S. shareholders. “He’s not doing them any favors…,” Armstrong said.

Meanwhile, entrepreneur Mark Cuban told CNBC Thursday that  BP needs to stop “counterpunching” in the Gulf region and actively support local business to rebuild the region.

“Right now, they are out there counterpunching, and they are getting the hell beaten out of them…”[If I were BP] I would get out in front of this problem,” Cuban said.

BP shares rose 8.5 percent to $31.60 rtq (real time quote) in recent trading, after rallying more than 12 percent, the most intraday since October 2008.

Other oil drillers linked to BP’s positive pps movement include:

• Diamond Offshore Drilling Inc. (DO) : $60.23 Up $3.13 (5.48%) 1:03PM EDT
• Pride International Inc. (PDE) : $23.46 Up $0.86 (3.81%) 1:04PM EDT
• Transocean Ltd. (RIG) : $44.09 Up $1.51 (3.55%) 1:04PM EDT
• Anadarko Petroleum Corporation (APC) : $37.48 Up $2.65 (7.61%) 1:08PM EDT
• Nabors Industries Ltd. (NBR) : $20.71 Up $0.84 (4.23%) 1:05PM EDT
• Noble Corp. (NE) : $28.56 Up $0.98 (3.55%) 1:05PM EDT
• Patterson-UTI Energy Inc. (PTEN) : $14.38 Up $0.57 (4.13%) 1:05PM EDT
• Atwood Oceanics, Inc. (ATW) : $25.86 Up $1.60 (6.60%) 1:01PM EDT
• Helmerich & Payne Inc. (HP) : $41.18 Up $1.98 (5.05%) 1:06PM EDT
• Hercules Offshore, Inc. (HERO) : $2.68 Up $0.10 (3.67%) 1:05PM EDT
• Parker Drilling Co. (PKD) : $4.30 Up $0.12 (2.87%) 1:04PM EDT

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