The markets recovered during the midday to trade modestly higher even as oil prices surged above $122 a barrel. The Dow gained 30 points to 13,000 while Nasdaq rose 14 points to 2479.
On the upside
First quarter earnings for Idearc (NYSE: IAR) rose to beat estimates despite lower revenue as the yellow page publisher trimmed expenses.Although Anadarko Petroleum (NYSE: APC) reported sharply lower first quarter earnings, the results surpassed expectations. Last year's income included gains for the sale of assets.
Airgas (NYSE: ARG) reported higher fourth quarter earnings that topped estimates.
On the downside
A court ruled that Collective Brands (NYSE: PSS) must pay Adidas $305 million to settle a trademark lawsuit.
Legg Mason (NYSE: LM) swung to a fourth quarter loss and announced plans to raise $1 billion through the offering of 20 million equity units.
In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 729.
