U.S. indices were climbing midday as higher oil prices helped lift markets during a down week. The Nasdaq, S&P 500 and Dow Jones Industrial Average were all up 0.2% midday Thursday.
Oil prices were rising Thursday thanks in part to a wildfire in Canada's oil sands region that has displaced 88,000 people from the town of Fort McMurray, Alberta. Some of the pipelines in the region have been shut down as a precaution as about 1,600 buildings have been burned already. The wildfire will help limit production of crude in the region. A global supply glut is responsible for crude's two-year swoon and any cut in production is taken as a positive sign by investors.
International benchmark Brent crude futures for June delivery were up $0.75 to $45.37 per barrel while West Texas futures for June delivery were climbing $1 to $44.78 midday Thursday.
Shares of Action Alerts PLUS holding Apple (AAPL) were falling on weak volume after the company's App Store went dark for six hours Thursday morning. The glitch affected the online market from about 5 to 11 a.m. ET.
Shares of Tesla (TSLA) reversed their premarket gains midday, falling 4% on heavy volume after the electric vehicle manufacturer reported a quarterly loss of $0.57 per share, a penny better than expected. Revenue for the period of $1.15 billion was a 22% increase from the year-ago period and in line with Wall Street guidance.
Weatherford International (WFT) shares were down nearly 25% on heavy volume Thursday following the release of the company's first-quarter financial results. The oil and natural gas service company reported a net loss of $0.29 per share, $0.03 wider than analysts were expecting for the period. Revenue fell 43% year over year to $1.59 billion, also missing analysts' $1.66 billion expectations.
Shares of Alibaba (BABA) were up more than 4% ahead on double its daily volume following the release of its latest earnings results. The Chinese online retailer reported that fourth-quarter revenue rose 39% to $3.7 billion. Earnings for the period rose 1% to $0.47 per share, missing analysts' consensus estimates of $0.55.
Finally, shares of Fitbit (FIT) fell following the release of its latest quarterly report. Despite the company topping analysts' top- and bottom-line estimates, the company said it expects to earn between $0.08 and $0.11 per share in the current quarter on sales of $575 million. Wall Street is expecting the company to earn $0.26 per share on revenue of $531.3 million.