Dividend Halt Dooms TransOcean Ltd.

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em>Joel Elconin is the co-host of
Benzinga's #PreMarket Prep
, a daily trading idea radio show.
TransOcean Ltd.
RIG
shares are trading lower by $0.50 at $11.70 in Wednesday's session. The issue tumbled as low as $10.50 in after hours trading, when it was reported in an 8-K that during a Special Meeting the cancellation of the third and fourth installments of its dividend. It quickly rebounded from that depressed level and rallied as high as $12.40 during premarket trading this morning. The issue still had a lower open ($11.94 vs, Tuesday's close $12.20) and rallied only to find resistance one penny ahead of the premarket at $12.39. Since making the high, it has fallen under $12 and eclipsed the former low of the move from Monday ($11.81), reaching $11.58 and is having a hard time distancing itself from the level. Today just may be the day that institutions are bailing out of the issue as 14M shares have already traded with less than four hours remaining in the session. The 20 day average for the issue stands at 15,4M
Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPremarket outlook
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