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Transocean (RIG) Stock Jumps on Q3 Results, Canaccord Upgrades

NEW YORK (TheStreet) -- Shares of Transocean (RIG) were rising 9.36% to $10.16 late Thursday morning after the company posted 2016 third quarter results that surpassed analysts' estimates.

Following yesterday's market close, the Switzerland-based offshore contract driller reported adjusted earnings of 25 cents per diluted share, topping Wall Street's forecasts of 13 cents per share.

Revenue of $903 million beat analysts' expectations of $871 million.

Canaccord raised its rating on the stock to "buy" from "hold" and upped its price...