Market Overview

Transocean Crosses $10 For The First Time Since May After UBS Upgrade

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Transocean LTD (NYSE: RIG) share are trading higher by 68 cents (6.8 percent) at $10.00 in Monday's session.

Before the open, UBS upgraded the stock from Neutral to Buy. Crude Oil futures trading higher by nearly 2 percent is also contributing to the move higher.

Transocean's higher opening print of $9.67 stands as the low for the day as of 11:50 a.m. EST. The follow-though move higher took the stock to $10.14, but it's attempting to remain in the $10.00 handle.

That marks the highest level for the stock since May 25, when it peaked at $10.51. It hasn't closed over $10.00 since the prior session, when it ended at $10.44.

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