MARKET TALK: BP's 2Q, CEO Shuffle Get Mixed Reaction

11:37 (Dow Jones) BP's US shares slip 2.1% to $37.85, giving back some of yesterday's nearly 5% gain in anticipation of 2Q results and naming of Bob Dudley as new CEO. But options traders are tilting toward the optimistic side, with higher volume in BP calls than puts recently, while cost of insuring BP's debt has fallen. S&P Equity Research calls Dudley "an American who could probably better navigate US politics and communication channels," but expects shares to remain pressured "until uncertainty surrounding litigation and the US government position on BP's US operations eases." (donna.yesalavich@dowjones.com) Call us at (212) 416-2181 or email john.shipman@dowjones.com Visit the Market Talk blog at www.djnmarkettalk.com. (END) Dow Jones Newswires July 27, 2010 11:37 ET (15:37 GMT)