Citing costs in the third quarter, Citigroup (NYSE:C) lowered estimates for Diamond Offshore Drilling (NYSE:DO) today.
After disappointing earnings in the second quarter, Citi cut its estimate from $7.90 for Diamond to $7.30.
Citigroup analyst Robin Shoemaker said, "The company's forecast for increased shipyard and rig start-up costs lead us to lower [the] 3Q10 estimate.... Our EPS projections for 2010 and 2012 are little changed and are based on conservative day rate assumptions."
Diamond dropped to $61.52 at 2:14 PM EDT, a loss of $0.79, or 1.35 percent.
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