Earnings Wrap: Transocean (RIG), XPO Logistics (XPO), Exelixis (EXEL), 2 More

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Transocean Registers Surprise Profit

Transocean LTD (NYSE:RIG) shares have gained 1.4% in pre-market trading today after the company surprised analysts by posting a second quarter profit of $0.17, well ahead of the expected loss of $0.01 per share. Revenue in the quarter dropped to $943 million from $1.88 billion a year earlier, but topped analysts’ target of $918.58 million. The Switzerland-based offshore driller’s CEO, Jeremy Thigpen, said in a statement that the company continues to streamline its operations to tackle the industry headwinds caused by depressed crude prices. Joshua Packwood and Schuster Tanger’s Radix Partners was one of 39 hedge funds in our database that were bullish on Transocean LTD (NYSE:RIG) heading into the second quarter.

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Exelixis Beats Estimates

Exelixis, Inc. (NASDAQ:EXEL)’s stock is making a bold move today, gaining nearly 7% in the pre-market hours after the company posted better than expected second quarter results. The genomics-based drug discovery company posted a loss of $0.16 per share, above the forecasts of a $0.27 per share loss, while revenue of $36.3 million more than doubled the consensus estimate of $17.96 million. Exelixis expects operating expenses in the range of $250 million-to-$270 million for the full year. Exelixis CEO Michael M. Morrissey said in a statement that his team worked “tirelessly” to bring forward its kidney cancer treatment Cabometyx, and that the company is encouraged by the initial response and developments. A Phase II trial of the drug recently achieved its primary endpoint, as significant improvement was seen in progression-free survival rates in patients with previously untreated advanced renal cell carcinoma. Kenneth Tropin’s Graham Capital Management owns approximately 13.21 million shares of Exelixis, Inc. (NASDAQ:EXEL) as of the end of the first quarter.

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XPO Logistics Posts Profit

XPO Logistics Inc (NYSE:XPO)’s shares have skyrocketed by more than 11% in the early morning hours after the company posted a quarterly profit for the first time in about four years, thanks to several recent acquisitions. The Connecticut-based logistics company earned $0.42 per share in the second quarter, trouncing the consensus estimate of $0.20. However, revenue of $3.68 billion fell short of the estimated $3.81 billion. XPO Logistics’ Brad Jacobs said that the company experienced a “blowout quarter”, and reached a positive inflection point in its business. As of the end of the first quarter, 22 funds in our database held stakes in XPO Logistics Inc (NYSE:XPO), down from 34 funds a quarter earlier.

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Disclosure: None

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