Has BP's luck finally changed?

BP Plc, which reported a 53 percent drop in quarterly profit in July, announced much happier news Wednesday -- a gigantic oil discovery in the Gulf of Mexico.

Europe's second-largest oil company said the Tiber Prospect near Houston may contain more than 3 billion barrels. Shares of the UK company, down more than 6 percent over the past year, have jumped almost 4 percent in early morning trading.