by Channel 2 News staff
Tuesday, June 01, 2010
ANCHORAGE, Alaska -- Billions of dollars were lost in BP stock Tuesday.
The fall was compounded by the oil company's disclosure that it has spent about $1 billion dollars dealing with the Gulf of Mexico oil spill.
Some analysts believe that BP's stock will rebound if renewed efforts to contain the spread of oil from the broken Deepwater Horizon well are successful, but others suggest that the oil company is likely to become a takeover target.
BP shares fell 12 percent at midday on the New York Stock Exchange. The stock hit a new 52-week low of $36.90 per share.