Why Transocean, Outfront Media, and PDL BioPharma Jumped Today
The new week began on a poor note for the stock market, as major benchmarks were broadly lower on the day. The Nasdaq Composite got hit the hardest, as big technology names took the brunt of the selling pressure on Wall Street, but broader concerns about geopolitical issues surrounding North Korea and the surprisingly strong showing by right-wing groups in the German elections also weighed on sentiment. Still, some companies had good news that sent their share prices higher. Transocean (NYSE: RIG), Outfront Media (NYSE: OUT), and PDL BioPharma (NASDAQ: PDLI) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Transocean rose almost 8% on a good day for the energy markets. Crude oil prices climbed by more than $1.50 per barrel, rising above $52 and approaching their best levels in almost four months. Transocean was also the beneficiary of positive comments from analysts at UBS, who upgraded the stock and several of its industry peers from neutral to buy because of expectations for rising demand and steadily increasing oil prices. The offshore drilling specialist still faces plenty of challenges, and past moves higher in oil have reversed course and sent shares lower. Even with crude's rebound, prices remain well below where they were several years ago, and that could hold Transocean back.
Image source: Transocean.
Source: Fool.com
