Why Transocean Stock Jumped 30% in the First Hour Today
Shares of oil services provider Transocean (NYSE: RIG) were higher by an impressive 30% at one point in the first 60 minutes of the trading day on Nov. 3. But by 10:30 a.m. EST the stock had given up roughly half that gain and was sitting on an advance of 16% or so. The big story was the company's after-market earnings release on Nov. 2.
The big takeaway from the quarter is really that the company's results were mixed. For example, the adjusted loss of $0.11 per share was much better than the $0.38 per share loss in the third quarter of 2019. The company also beat Wall Street expectations of a loss of $0.17 per share. Investors usually look favorably on companies that beat analyst estimates.
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Source Fool.com
