The oil majors, you would think, should be pretty buoyant at the moment, what with crude prices still well over $90 a barrel. But BP is continuing to slide, its shares down another 11.5p to 585p.
This morning Lehman Brothers helped do the damage, cutting its earnings estimates for 2008 to 2011 by an average 6% and reducing its price target from 645p to 630p.
Lehman said: "The high oil price means the ACG field in Azerbaijan - which contributed to an estimated 14% of the group's 2007 net income - may have been just too profitable in recent years, with costs now recovered and profit share expected to diminish at a much faster pace than previously envisioned.
"We believe the contribution to group earnings from this project will fall by $1.2bn in 2008, an effect that we believe is not factored into consensus estimates."
It may be remembered that BP ran into trouble last week when analysts cut their forecasts for the fourth quarter by around 25%. This came amid talk - denied by BP - that it was guiding down the City's expectations.
Elsewhere there is much attention being given to the famous shareholder meeting going on at the moment in Newcastle. Whatever the decision there, investors are voting with their wallets on the market. Northern Rock shares are currently down 11.5p at 71p.
Retailers are another feature, as the Christmas trading statements just keep coming. Tesco has produced disappointing sales, as predicted by analysts yesterday. Its shares are down 10.75p to 409.25p, although they have recovered from their worst levels.
Rivals J Sainsbury and Morrison Supermarkets benefited from Tesco's discomfort, up 3% and 1% respectively.
B&Q owner Kingfisher, however, fell 6.5p to 124.6p as JP Morgan downgraded from overweight to neutral and cut its price target from 200p to 144p.
Housebuilder Taylor Wimpey slipped 0.1p to 172.4p despite the company talking up UK house prices and saying its full year results would be in line with expectations.
Among the smaller fry, finance group Davenham predictably fell further after last night's late news that investment business ACP had dropped plans for a takeover. Davenham is down 11% at 184p.
And finally, as Sir Trevor MacDonald is saying once more, to Silverjet.
The business airline has seen its shares recover 14% to 40.5p. To recap, analysts at Daniel Stewart yesterday said - in a 32 page note - that the company was worth zero and it advised clients to sell at any price.
Silverjet responded, saying the broker's analysis was flawed and it expected to achieve its first month of profit in this financial year (to March 2008).
Now, inevitably, comes the response to the response.
Daniel Stewart said today: "Silverjet published its response to our note yesterday. Not surprisingly, as we had questioned the entire basis of their business model, they point to 'numerous material mistakes and inaccuracies'."
After defending the various points, the broker concludes: "We stand by our note. The shares may bounce today as they point to 5,000 bookings last week and say they will make a pre-tax profit in March. However, last week was the main impact week following the launch of their sale on 5th January and with prices as low as £401 each way, 5,000 bookings could represent as little as £2m in revenue. March, as we pointed out in our note, will be significantly distorted by the very early Easter which could add up to 3-4% to traffic."
And on it goes.
