Biz Brief: BP Stock Tumbles to 14-Year Low
BP's (BP) stock plunged more than 14% at one point Wednesday to $29.77 -- a level last seen in 1996 -- amid concern the energy giant could cut or suspend its dividend as it grapples with the Deepwater Horizon oil spill in the Gulf of Mexico. Analysts at Societe Generale told clients in a note that there's a 50% probability BP will skip its next quarterly dividend payment. The company's current annual dividend amounts to $3.36, putting the forward yield at 9%. BP has lost about $100 billion in market value since mid-January.