Major benchmarks finished slightly lower on Tuesday as investors tried to digest earnings reports even as they wait to see whether the Federal Reserve will step up with another interest rate cut this week. market participants will parse the central bank's statement closely to try to get more guidance on whether the economy looks likely to remain strong or is showing signs of deteriorating. Even with indexes largely treading water, some stocks got extremely nice pops on good news. Transocean (NYSE: RIG), Texas Roadhouse (NASDAQ: TXRH), and Xerox Holdings (NYSE: XRX) were among the top performers. Here's why they did so well.
Shares of Transocean climbed 8% after the offshore driller reported its third-quarter financial results. Transocean's numbers were mixed, as revenue moved higher by 3.4% from year-earlier levels but adjusted losses widened slightly over the same period. Impairment losses weighed on the company, especially in connection with three retiring floater rigs. Yet investors took heart from comments from CEO Jeremy Thigpen, who said that Transocean's seeing more interest in ultra-deepwater drilling projects in key areas like Brazil, West Africa, and the Gulf of Mexico. Oil prices still haven't really cooperated with Transocean, but shareholders have high hopes that further gains in crude could lead to greater offshore drilling activity.
Image source: Transocean.