Why Transocean Was Skyrocketing Today
Shares of offshore drilling rig operator Transocean (NYSE: RIG) were rocketing higher today, up 7.4% as of 2:30 p.m. ET.
Transocean reported earnings last night, and by the looks of it, one wouldn't have thought that the stock would be up today. Revenue declined 10.3% year over year, missing expectations, and a non-GAAP (adjusted) loss per share of $0.28 also missed expectations.
So why is Transocean rising today? Looking across the entire energy sector, a lot of oil-related companies are much higher today, as Transocean wasn't the only company in the sector to report earnings. It appears that the generally positive tone across the industry, as well as commentary on Transocean's conference call, is spurring optimism that investment in deepwater drilling will rise amid ongoing high oil prices.
Source Fool.com
