Why Transocean, Scripps Networks Interactive, and Exponent Jumped Today
The stock market gained ground on Wednesday, with the Nasdaq Composite pushing toward new records that date back to the end of the tech boom in early 2000. Earnings reports have started coming out at a faster pace this week, and the news has been generally upbeat, pointing to solid economic conditions domestically. Overseas investors have also been pleased with progress that has been made internationally, and rising markets in Europe and Asia are creating a positive feedback loop for the U.S. as well. In a rising market environment, Transocean (NYSE: RIG), Scripps Networks Interactive (NASDAQ: SNI), and Exponent (NASDAQ: EXPO) 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 6.5% on a good day for the energy markets. Crude oil prices rose more than $0.75 per barrel, climbing above the $47 mark and leading some to feel more confident about the commodity's prospects for the remainder of the year. Rig counts have been rising, and although that has some concerned about the potential impact of higher oil supply on future prices, it also points to activity levels that are supportive for oil services companies like Transocean. With innovations that are making offshore drilling more competitive with land-based drilling, Transocean hopes that efficiency gains will help drive future growth, along with the possibility of consolidation within the industry.
Image source: Transocean.
Source: Fool.com
