BP Share News (BP.)

DJIA Futures 10496.5 +38.5 +0.4% S&P 500 Futures 1114.3 +4.8 +0.4% Nasdaq Futures 1895.1 +7.6 +0.4% Above are as of 0600 ET FTSE 100 5385.4 +34.3 +0.6% Xetra DAX 6217.7 +23.5 +0.4% CAC40 3665.9 +29.7 +0.8% Above are as of 0535 ET Nikkei 225 9496.9 -6.8 -0.1% Hang Seng 20973.4 +133.4 +0.6% Above are closing prices SNAPSHOT: -Stocks seen higher; Treasurys lower; dollar higher; Nymex crude lower at $78.88; gold higher at $1183.60. -Watch for: Home Price index at 0900 ET; Consumer Confidence index and business Activity Survey at 1000 ET. OPENING CALL: Stock futures are indicating a higher open Tuesday, with participants eyeing the 10,600 mark on the Dow after a number of technical levels have been breached. David Jones, chief market strategist at U.K. spreadbetoor IG Index, said: "The big thing to watch today is the 10,600 mark. When we reached this point previously the rally ran out of steam and achieving that level will have seen a climb of around 1,000 points in just 3 weeks." He added that with many corporate earnings scheduled for release the tone of results would influence market sentiment and "U.S. Steel might be seen as a barometer for the economic recovery as it reflects the demand for raw materials." Jones noted that the Case-Shiller home price index and consumer confidence index were the most important data on the economic front. EQUITIES: BP (BP) will appoint Robert Dudley, the executive director heading its oil spill response in the Gulf of Mexico, to lead the company from October 1 when Chief Executive Tony Hayward is to step down. "It will be a different company going forward, requiring fresh leadership supported by robust governance and a very engaged board," Chairman Carl-Henric Svanberg said. In sacrificing Hayward and choosing Dudley, BP's board of directors made it clear that restoring the company's reputation in the U.S. is its top priority, analysts said. Hayward acknowledged he had become, "a lightning rod for public anger," over the spill and it was necessary to have a new face at the top of the company if BP is to move forward. The plans are part of a radical shakeup for BP, including plans to sell around $30 billion in assets and alter the way it does business. The company will become smaller and focused on restoring its reputation, though it will continue to pursue opportunities in deep water drilling. BP shares in London were up 0.4% at 418.65 pence. Larry Ellison, founder and chief executive of software maker Oracle (ORCL), topped the list of best-paid executives of public companies during the past decade, receiving $1.84 billion in compensation, The Wall Street Journal reports. Second was Barry Diller, who received roughly $1.14 billion from IAC/Interactive and Expedia, the online travel site from IAC (IACI) where he remains chairman. Following Mr. Diller were Occidental Petroleum (OXY) CEO Ray Irani at $857 million, Apple's (AAPL) Steve Jobs with $749 million and, in fifth place, Capital One Financial (COF) CEO Richard Fairbank at $569 million. Yahoo Japan, the country's biggest Internet search site, is to team up with Google (GOOG) to use the U.S. giant's search engine technology, sidestepping part-owner Yahoo's (YHOO) far-reaching online partnership with Microsoft (MSFT). Though potentially upsetting ties with Yahoo, the deal gives Yahoo Japan and Google a massive, near-monopoly share of the Internet search market in the word's second-biggest economy. BONDS: Treasurys edged lower in London as European equities moved higher after European banks posted positive earnings reports. Monday's new home sales provided a small boost to the otherwise lacklustre housing sector adding to the improving investor sentiment. The 2-year note was down at 100-01+/32 to yield 0.60%; the 10-year note was down at 104-6+/32 to yield 3.002%; the 30-year bond was lower at 105-25+/32, yielding 4.038%. Corporate bonds: European credit indexes measuring the cost of insuring corporate and bank debt moved tighter Tuesday, alongside a climb in global markets as the focus shifted away from the bank stress tests and back to company earnings and economic data. FOREX: The euro was struggling to stay over $1.30 Tuesday even though general market sentiment remained accommodating for risk. The dollar, meanwhile, was mostly higher, helped not only by the strength of U.S. housing data on Monday but by expectations of stronger data later in the week. By 0530 ET, the dollar was up in Europe at Y87.39, while the euro was down at $1.2991 and the pound had fallen to $1.5445. COMMODITIES: BP's provision of $32.2B for costs related to the Gulf of Mexico oil spill were based on optimistic assumptions and there are risks it might have to make further provisions in following quarters as the various investigations on the causes of the accident progress, warned Credit Suisse. However CS saw good long-term value in BP's shares and thinks it is possible to build an upside-case scenario. Nevertheless "after the strong rebound of the last few weeks, we believe clarity on liabilities and more confidence in BP's post-Macondo strategy is needed for the shares to continue to outperform." Spot gold was slightly higher in Europe Tuesday in narrow range trade, as light physical demand offset falling investor interest. An improvement in sentiment across financial markets has taken some luster from gold, with holdings in gold exchange-traded funds still on the decline. If gold retreats to test support, physical buyers may step aside and leave gold without a floor, analysts said. =======TODAY'S CALENDAR======= ET PERIOD 0745 Jul 24 ICSC-Goldman Sachs Chain Store Sales Index 0855 Jul 24 Johnson Redbook Retail Sales Index 0900 May S&P / Case-Shiller Home Price Index 1000 Jul Consumer Confidence Index 1000 Jul Business Activity Survey - Fifth District Survey of Manufacturing Activity 1100 Jun CFMMI Chicago Fed Midwest Manufacturing Index 1630 Jul 23 API Weekly Statistical Bulletin 1700 Jul 25 ABC News Consumer Comfort Index ============================== OTHER TOP STORIES OF THE DAY: IPhone Faces Rising Challenge From Android Handsets - Analyst SINGAPORE (AFP)--Apple Inc.'s (AAPL) iPhone will likely dominate the high-end smartphone market in the next five years but faces strong competition from handsets using Google's Android platform, a research firm said Tuesday. WSJ: JPMorgan Barred From Transferring Empresas Cablevision Loan To Slim NEW YORK--J.P. Morgan Chase & Co. (JPM) has agreed not to sell or transfer a $225 million loan for Mexican telecom company Empresas Cablevision SAB (CABLE.MX) to any entity affiliated with Mexican billionaire Carlos Slim, according to a court filing Monday. WSJ: Nike To Pay About $2M To Workers Fired By Subcontractors Nike Inc. (NKE) has agreed to pay roughly $2 million to help workers laid off by two of its clothing subcontractors in Honduras in response to pressure from U.S. student activists. WSJ: Pentagon Investigating Manning Over WikiLeaks Leak WASHINGTON (Dow Jones)--Military investigators are investigating computers used by Bradley Manning, a U.S. Army intelligence analyst charged this month with leaking classified information, to see if he is the source of thousands of military documents published Sunday by WikiLeaks. WSJ: Support For Obama's War Strategy Appears To Be Holding Steady WASHINGTON--Support from President Barack Obama's congressional allies for his war strategy appeared to be holding steady, a day after the release of secret documents painting a grim picture of the war in Afghanistan. US House Leaders Propose Lifting Liability Limits On Oil Cos WASHINGTON (Dow Jones)--U.S. Democrats unveiled a bill Monday that would eliminate the cap on damage claims that BP PLC (BP, BP.LN) and other oil companies would have to pay for spills such as the one in the Gulf of Mexico, setting the stage for a vote Friday on the first chamber-wide response to the worst offshore oil spill in U.S. history. WSJ: US State Governments Expect Tax Collections to Rise State governments expect tax collections to grow for the first time in two years as tax increases and a recovering economy lead to higher collections. WSJ: Google Updates Plans To Sell Apps To Federal Government Google Inc. announced plans to sell special email, word-processing and mapping services to government agencies, keeping data generated by those applications in a system in the U.S. that is segregated from customers outside the government. WSJ: Tribune Faces New Hurdle In Report A bankruptcy investigator lent credence to claims that Tribune Co.'s $8.2 billion buyout deal in 2007 left it too shaky to survive, throwing up another possible hurdle to the media company's efforts to exit bankruptcy protection after nearly 20 months. WSJ: Fincl Adviser Starr Seeks To Be Released On $2M Bail NEW YORK (Dow Jones)--A New York financial adviser accused of defrauding his celebrity clients and other investors out of about $59 million is seeking to be released on $2 million bail. -By Michael Haddon, Dow Jones Newswires; 4420-7842-9289; michael.haddon@dowjones.com (MORE TO FOLLOW) Dow Jones Newswires July 27, 2010 06:17 ET (10:17 GMT)