Here's a fascinating financial statement to look at. Transocean (RIG) just reported their quarterly earnings.

http://www.sec.gov/Archives/edgar/data/1451505/000145150510000069/form10_q2q2010.htm

It's interesting to read the management commentary directly, though Footnoted.com had an interesting summary of some of the information presented.

http://www.footnoted.com/deepwater-horizon/the-price-of-a-crisis-at-transocean/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Footnotedorg+%28footnoted.com%29&utm_content=My+Yahoo

In a brief check of news releases, there are a variety of earnings numbers discussed. The earnings on their income statement was $2.22 which beat analysts estimates of $1.68. However, when I take a brief look at the financial report, I see that the $2.22 number includes things like an $.83 per share gain on the loss of the rig that was realized because they received their insurance settlement. Seems like kind of a tough stock to make earnings predictions about. I hope those of you holding it put it into the "Non Core" category and are keeping a close watch on it. I think it is especially important to listen and read and compare what the company is saying to the news release interpretations of what they are saying.

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Laurie Frederiksen
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