10 of Wall Street’s Outperformers

5. Transocean Ltd. (NYSE:RIG)

Transocean Ltd. jumped by 19.63 percent week-on-week, as investor sentiment was boosted by overall optimism for the energy sector amid the artificial intelligence frenzy and last week’s jump in oil prices.

Friday’s rally marked its 6th straight day of gains, as investors repositioned portfolios in AI and energy stocks, supported by a Oracle Corp.’s billion-dollar investment to expand its data center portfolio that is expected to further push energy demand higher, while digesting the impact of higher oil prices.

Last week, prices of crude oil jumped by more than $2 after President Donald Trump announced sanctions on Russia’s two major oil suppliers, namely Rosneft and Lukoil, over the Ukraine war. The sanctions sparked concerns on tighter supply, with Russia being one of the largest oil producers in the world.

Following the news, major Chinese and Indian buyers were forced to look elsewhere for alternatives.

Meanwhile, Trump’s moved sparked a rally across the broader energy sector, dribbling into oil drilling firms, including Transocean Ltd. (NYSE:RIG), on expectations that the supply shortage would further increase the prices of crude oil.

In other developments, investors repositioned portfolios ahead of the results of Transocean Ltd.’s (NYSE:RIG) third quarter earnings performance on Thursday, October 30. A conference call will be held to elaborate on the results.