Transocean Makes New All-Time Low

Transocean LTD RIG shares are trading lower by 45 cents (6.5 percent) at $7.95 in Tuesday's session.

The Street is showing its disapproval of the company's acquisition of Swedish based Songa Offshore SE. The company expects the move to strengthen its position as the undisputed leader in harsh environment and ultra-deepwater drilling.

After a lower-open, Transocean attempted to rally but found resistance just ahead of Monday's low ($8.25), only reaching $8.18, and then continued its move lower. It went on to breach its former all-time low made in February at $7.66, hitting $7.55. As of Noon EST, the stock is struggling to reenter the $8.00 handle.