Transocean (RIG) Continues Dead Cat Bounce

Shares of Transocean Ltd. (NYSE: RIG) are 4 percent higher in pre-open trading as traders continue to bargain shop the stock despite it being named as one of four responsible parties for the Gulf oil spill.

Investors who are buying believe the company's liability is limited and valuation is cheap.

Shares are down 46 percent since the company's Deepwater Horizon rig exploded on April 20.

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