Mid-Morning Market Update: Markets Start to Recover; DryShips Takes a Hit

Following the market opening Thursday, the Dow traded up 0.08 percent to 12,580.79 while the NASDAQ rose 0.05 percent to 2,848.24. The S&P also rose, increasing 0.20 percent to 1,358.18.

Top Headline

Markets took a hit this morning on a series of poor economic reports. With continuing claims coming in at above 400 thousand for the first time since September 2011 and a huge Philly Fed miss, investors traded on their worries throughout the American markets.

NetApp

traded up 10.61 percent to $30.00 after an earnings beat following the close Wednesday and some optimistic guidance. Shares of Petsmart

were also up, rallying 5.77 percent to $68.59 after an earnings and revenue beat Wednesday and an increase in its fiscal year guidance. Cameron International

traded up 3.88 percent to $52.78 after the company announced a joint venture with Schlumberger.

DryShips

took a 14.18 percent hit to $1.79 following an earnings and revenue miss after the close Wednesday. Sandstorm Gold

was also down, falling 9.66 percent to $11.32 following a drop in gold prices and a drop across the gold industry. Shares of Vivus

fell 6.37 percent to $10.00 following a cut in price target at Lazard.

In commodity news, oil traded up 0.37 percent to $86.64, while gold traded down 1.12 percent to $1,715.00. Silver traded down 0.44 percent Thursday to $32.44.

European shares were mostly lower across the board on continuing fears about Greek and Italian finances. In eurozone headlines, the ECB's Mario Draghi said that the artificial calm in the markets encouraged wrong policies. Germany's Wolfgang Schaeuble also came out with some comments, saying there will be a decision on Greek financing aid by Tuesday.

In economic news, initial jobless claims were reported at 439 thousand, above the expected 375 thousand and the prior report of 361 thousand., while continuing claims came in at 3.334 million, above the expected 3.210 million and the prior report of 3.163 million. CPI Year of year came in at 2.2 percent, above the expected 2.1 percent and the prior report of 2.0 percent, while CPI month over month was reported in line with expectations at 0.1 percent, but below the previous figure of 0.6 percent. Core CPI year over year came in at 2.0 percent, exactly as expected, and above the previous release of 1.5 percent, while core CPI month over month was reported at 0.2 percent, above the 0.1 percent expected and the prior release of 0.1 percent. The New York state manufacturing index was also reported, coming in at -5.22, above the expected -8.0 and the prior release of -6.16. Philly Fed came in at -10.7, far below the estimated 2.0 and the estimated 5.7.