Even Carl Icahn can't stop this week's rally among oil stocks.
Shares of Swiss offshore driller Transocean (RIG) were up more than 8% Thursday as crude oil continued its two-day charge, climbing more than 2% to $48.05 a barrel, following chatter on Wednesday that OPEC may lower production to 32.5 million barrels per day from about 33.2 million currently.
The gains follows news Wednesday that the billionaire activist and head of Icahn Associates said he cut his stake in Transocean by 75%, citing tax reasons in a statement. (Transocean is a member of Real Money's Stressed Out watch list.)
Murphy Oil (MUR) stock was also surging with Transocean to the top of the S&P 500 in midday trading, with shares up 7%, adding to 19% gains on the week for the El Dorado, Ark.-based oil and gas giant.
Meanwhile, shares of ConAgra Foods (CAG) were also up about 8% after the Nebraska-based packaged-food company booked better-than-expected quarterly earnings in its last earnings call before the slated spinoff of Lamb-Weston this fall, which will divide ConAgra Foods into two public companies.
ConAgra booked adjusted earnings per share of $0.61, topping forecasts by about 27.5% as sales of $2.67 billion fell short by just over 2%.
Global consulting firm Accenture (ACN) also topped quarterly earnings Thursday, prompting a 5% rally in shares, after the company booked non-adjusted earnings per share of about $1.68, which topped consensus estimates by roughly 29%. Sales of about $8.5 billion also topped analyst forecasts.