Silver futures were up 1.1% to $17.41 an ounce on the Comex on Thursday afternoon.
About 2.4 million shares of Silver Standard Resources were traded by 12:36 p.m. Thursday, above the company's average trading volume of about 1.7 million shares a day.
On Wednesday Silver Standard reported earnings of 11 cents a share for the first quarter, beating analysts' estimates of 5 cents a share for the quarter. Revenue grew 231.1% year over year to $111.72 million for the quarter, up from $33.7 million in the year-ago quarter.
"On a silver equivalent basis, production of 6.8 million ounces at cash costs of $9.57 per payable ounce distinguishes Silver Standard from its peers," President and CEO John Smith said. "Positive net income and strong operating cash flows in the quarter resulted from our focus on cost discipline and further enable our growth strategy."
TheStreet Ratings team rates SILVER STANDARD RES INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate SILVER STANDARD RES INC (SSRI) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."