What's Going On With Transocean (RIG) Stock Tuesday?
Portfolio Pulse from Adam Eckert
Transocean Ltd (NYSE:RIG) shares are trading higher after initially falling due to worse-than-expected Q3 financial results. The company reported Q3 revenue of $713 million, lower than the estimated $722.57 million, and a loss of 36 cents per share, higher than the estimated loss of 23 cents. Despite the disappointing results, the company's contract backlog increased for the sixth consecutive quarter to $9.4 billion.

October 31, 2023 | 2:16 pm
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Transocean's shares are trading higher despite disappointing Q3 results. The company's contract backlog has increased for the sixth consecutive quarter, which may have contributed to the stock's rise.
Transocean's shares are trading higher despite worse-than-expected Q3 results. This could be due to the company's increasing contract backlog, which signals potential future revenue and may have reassured investors about the company's prospects.
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