Stocks Recover On claims dip (CSCO, CDTI, AGO, DRYS, MBI)

U.S. stocks were trading higher after recent losses as the government said jobless claims dipped last week, signaling companies could pick up the pace of hiring in May.First-time jobless claims fell by a scant 1,000 to a seasonally adjusted 367,000 in the week ended May 5, the Labor Department said. Claims from two weeks ago were revised up to 368,000 from an original reading of 365,000.Claims have zigzagged between a low of 361,000 in early February and a high of 392,000 in late April, indicating that the pace of hiring has leveled off after a fast start entering 2012. The last two monthly employment reports have seen marked deterioration from the 200,000-plus new jobs created during the late-winter months.

U.S. import prices fell 0.5% in April after a revised 1.5% spike in March, mainly as the price of oil receded, according to fresh data from the Labor Department. Economists expectations of fall of a 0.2% decline. The government's index of imported petroleum prices fell 1.8% and the fuel index dropped a sharper 2.1%. Excluding fuel, U.S. import prices rose 0.1% last month. Imported autos posted the biggest increase since June 2011, up 0.4%, while food, feedstuff and beverages edged up 0.1%. Import prices have risen just 0.5% over the past 12 months. Export prices, meanwhile, rose 0.4% in April following a 0.8% increase in March.

Cisco Systems, Inc.(NASDAQ:CSCO) is the biggest loser on the DOW ass the stock slumped 8% in the opening session as the company late Wednesday provided lower than estimated outlook for the current quarter, while third-quarter profit ahead of analysts’ estimates.

The company earned $2.2 billion, or 40 cents per share, during its fiscal third quarter, up 20% from a year ago profit of $1.8 billion, or 33 cents per share. On an adjusted basis, the company would have earned 48 cents a shares, a penny higher than analysts’ forecasted profit.

Clean Diesel Technologies, Inc.(NASDAQ:CDTI) shares also slumped 23% after the company reported a much higher than estimated first quarter loss.The company said that it lost $2.8 million, or $0.39 per share, compared to a year ago net loss of $2.2 million, or $0.54 per share, missing analysts’ estimates of a loss of 29 cents a share. Revenue grew 23.30% to $17.0 million, from $13.8 million for the prior year first quarter, ahead of analysts’ estimates of $16 million.

Assured Guaranty Ltd.(NYSE:AGO) will report its quarterly earnings after the bell today. Analysts are estimating the company to report a profit of $0.36 a share, up from a year ago profit of $1.33 a share. Revenue is estimated to fall by a 24.20% to $192.65 million, from a year ago revenue of $254 million. The company had missed analysts’ estimates in the past two quarters out of four quarters.

DryShips Inc.(NASDAQ:DRYS) is trading lower by 0.41% at $2.76 ahead of its earnings. Analysts are estimating the company to report a profit of $0.09 a share, up from a year ago profit of $0.15 a share. Revenue is estimated to grow by 68.50% to $349.40 million, from a year ago revenue of $207.41 million.

MBIA Inc.(NYSE:MBI) will report quarterly results after market hours. Analysts are estimating the company to report a loss of $0.18 a share, down from a year ago loss of $5.68 a share. Revenue is estimated to fall by 23.60% to $104.76 million, from a year ago revenue of $137.20 million. Shares of MBI are now up 1.35% to $9.78. So far this year, the stock is up over 15% and down over 2% over the past one year.