BP valuation takes $17 bln hit on top-kill failure

Date: Tue, Jun 1, 2010 at 12:00 PM

BP VALUATION TAKES $17 BLN HIT ON TOP-KILL FAILURE

BP's failed attempt at pouring thousands of barrels of mud to plug the worst oil spill in U.S. waters sent shares of the London-based oil giant down by 13% in early New York trade on Tuesday. 

BP ONTO NEXT REMEDY, SAYS LEAK MAY LAST TIL AUGUST
 The company  is preparing to cut a damaged pipe in the hope it will be easier to put a new, smaller, dome on top of a clean break.  
 The disastrous oil spill in the Gulf of Mexico has showcased the need for better robotics technology.

U.S. STOCKS RISE ON ECONOMIC REPORTS

The U.S. stock market kicks off June with an early decline as developments in Europe, Asia and the Middle East undermine confidence, but latest domestic economic data help turn the tide. 

MODEST DROP IN MAY ISM FACTORY DATA

Activity at U.S. manufacturing firms slows bit after hitting a six-year high in April, according to a closely followed survey of top executives.