Why Transocean Stock Rallied Today
Shares of Transocean (NYSE: RIG) rallied as much as 14.4% on Tuesday before finishing up about 8% when the market closed at 4:00 p.m. EDT. Fueling the rise in the energy company's shares were its third-quarter results.
Transocean reported somewhat mixed third-quarter results. On a positive note, the offshore driller hauled in $784 million of revenue. While that was 4% below the year-ago tally, it beat analysts' expectations by $10.4 million. The company, however, reported a net loss of $234 million, or $0.38 per share. That was not only worse than the year-ago adjusted loss of $209 million, or $0.34 per share, but also missed the consensus estimate by $0.01 per share.
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Source Fool.com
