Fact is, RIG is making NEW MULTI YEAR LOWS at a time the energy sector is doing much better than the market. There are NO energy companies even near their 52 weeks lows, much less 8 year lows. This stock is performing in a way that is as bad as it gets.
Everytime RIG gets a downgrade or drops a few bucks in a week, the cheerleaders are out saying RIG has reached bottom. Some of their favorites: "downgrade = buy signal" or "this price is too cheap" or "big boys are buying" or "when everyone is selling, you should be buying" or "double bottom" or "triple bottom" or the ever popular, " momentum is about to turn the other way". Hows about this one: RIG longs = bagholders??
RIG is done. It is purely a trading vehicle and no longer an investment.