BP Higher As Optimism Grows For Success of "Top Kill"

Shares of BP (NYSE: BP) are 3.8% higher in pre-open action as the "top kill" procedure on the Gulf oil leak is going as planned. The company said it may know the success of the plan later today, but optimism that it is working seems to be growing. It appears the mud is coming out of the riser currently and not hydrocarbons.

BP also received it second upgrade in as many days today. Oppenhiemer upgraded the stock today from Perform to Outperform with a $55 price target, saying the sell-off has been overdone.

Yesterday, Benchmark upgraded BP to Buy.

Other stocks that have been hit hard by the oil spill include: Transocean Ltd. (NYSE: RIG), Cameron International (NYSE: CAM), Anadarko Petroleum Corporation (NYSE: APC) and Halliburton Company (NYSE: HAL).

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