Here's Why Shares of Transocean are Higher in Thursday's Session

Shares of Transocean (RIG) - Get Report were in focus on Thursday after activist investor Carl Icahn slashed his position in the offshore drilling rig company. Icahn cuts his stake to 1.5% from nearly 6%, according to an SEC filing. The billionaire said that the company's CEO has done an outstanding job given the challenging environment, adding that he continues to have confidence in Transocean going forward. He noted that the fund reduced its position in order to recognize a capital loss for tax planning purposes.

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