GOOD MORNING. Stocks in Asia closed mostly higher today, European shares are up, and U.S. futures are pointing to a lower open.

BP (BP) shareholders may see some relief in the company s stock price soon. More than two months after the Gulf oil spill began, BP says it could fix the gushing well as early as July 27, according to The Wall Street Journal. That date would be earlier than the company s previously stated August target; it would also coincide with the release of BP s second-quarter earnings report, which could offer investors some early insight into the extent of the company's losses.

Since the oil rig explosion on April 20th, BP has lost around 47% or about $90 billion in value. In recent weeks, there has been a slight turnaround with the stock rising 22% since June 25th to close at $33.19 Wednesday. The bounce came after BP chief executive Tony Hayward met with some of the company s top shareholders to assure them that firm's growth isn t at risk. Investors also cheered reports this week that Hayward visited the United Arab Emirates looking for new investors in order to fend off a potential take-over.

Still, the outlook for the company remains mixed with analyst projections spanning two extreme scenarios. Some argue that BP's shares are undervalued and will recover once the fallout from the oil spill ends. "Our belief [is] that the stock is discounting a level of liabilities well in excess of those likely to [be] ultimately borne by the company," wrote Mark Gilman, an oil analyst at The Benchmark Company, a broker dealer, in a report. In the near term, modest reductions in BP's 2010 and 2011 capital program and its damaged reputation as an operator could limit its growth outside the member nations of Organisation for Economic Cooperation and Development, he adds.

Oil prices will also influence BP s growth. However, should prices remain fairly steady through the end of 2011, Gilman writes that BP would have enough liquidity to cover costs tied to the spill.

Other analysts say the oil spill could still doom the company. "With political winds at gale force levels, we believe there is risk that BP is led down a government-directed path of dilution, control, and profit limits like student lending, banking, finance, insurance, home lending, and auto manufacturing," wrote Douglas Christopher an analyst at Crowell, Weedon & Co., a brokerage firm, in a report. "We recommend that conservative investors avoid and/or reduce exposure to BP."

IN OTHER NEWS:

• Well Fargo (WFC) announced that the firm is eliminating 3,800 jobs and will close a subprime lending unit as part of the company s restructuring. LINK
• The global gross domestic product will grow 4.6% in 2010, up from an earlier projection of 4.2%, according to the International Monetary Fund. LINK
• Apple (AAPL) plans to open a second flagship store in China, in Shanghai, on Saturday. LINK