Whitney Tilson Says Get Long BP (BP)

On CNBC's Fast Money, the traders discussed how the negative price action in BP dragged down the entire stock market. BP (BP) dropped below $30 for the first time in over a decade. BP's problems spread to other oil stocks. Andarko Petroleum (APC) fell over $7 a share to $34.83. That is an 18% decline. Transocean (RIG) fell another 8% to $42.58. Haliburton (HAL) was down 2% to end the day at $22.56. Value investor Whitney Tilson joined the Fast Money crew and stated that he has been picking up shares of BP. As the stock continues to plummet, Tilson is adding more shares. He believes that the idea that BP would file for bankruptcy is an absolutely silly idea. Tilson believes that the stock is so cheap that it is trading like an option. He values the chances of a BP bankruptcy at only 10 to 15%. Risk takers may want to follow Tilson's lead.