Why Transocean Stock Tanked 10% at the Open Today
Shares of offshore energy services company Transocean (NYSE: RIG) fell 10% in the first half hour of trading on Feb. 23. The big news, however, came after the close on Feb. 22, when Transocean reported earnings. It was tough reading.
The headline number for Wall Street was Transocean's adjusted loss of $0.34 per share in the fourth quarter of 2020. That was down from a loss of $0.11 in the third quarter and well short of the $0.19-per-share loss that analysts had been expecting. Investors don't like it when companies miss consensus estimates, so it's not all that shocking that Transocean's stock fell.
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Source Fool.com
