The basic materials sector closed the day up 3.1%. Mission NewEnergy ( MNEL), BPZ Resources Inc ( BPZ), Charles & Colvard ( CTHR), and Blueknight Energy Partners G.P. L.L.C ( BKEP) were all decliners today within the basic materials sector with Transocean ( RIG) being today's featured basic materials loser. Transocean fell $1.66 (-3.6%) to $47.28 on heavy volume. Throughout the day, 7.5 million shares of Transocean exchanged hands as compared to its average daily volume of 4.8 million shares. Transocean Ltd. provides offshore contract drilling services for oil and gas wells worldwide. It offers deepwater and harsh environment drilling, oil and gas drilling management, and drilling engineering and drilling project management services. Transocean has a market cap of $14.4 billion and is part of the energy industry. Shares are down 35.2% year to date as of the close of trading on Wednesday. TheStreet Ratings rates Transocean as a hold. The company's strengths can be seen in multiple areas, such as its expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.
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