Mid-Day Market Update: Applied Materials Gains Following Earnings Beat; DryShips Shares Slide

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Midway through trading Friday, the Dow traded up 0.64 percent to 17,547.03 while the NASDAQ climbed 1.36 percent to 4,776.43. The S&P also rose, gaining 0.76 percent to 2,055.48.
Leading and Lagging Sectors
Technology shares gained by 1.5 percent in trading on Friday. Top gainers in the sector included
Applied Materials, Inc.AMAT
,
Renren IncRENN
, and
AIXTRON SE (ADR)AIXG
. In trading on Friday, basic materials shares dropped by 0.2 percent. Meanwhile, top losers in the sector included
IAMGOLD Corp (USA)IAG
, down 5 percent, and
Harmony Gold Mining Co. (ADR)HMY
, down 4 percent.
Top Headline Foot Locker, Inc.FL
reported in-line quarterly earnings, but the company's revenue came in slightly short of analysts' expectations. Foot Locker's quarterly earnings advanced 7.8 percent to $1.39 per share from $1.29 per share in the same quarter preceding year. Street analysts also predicted the company to earn $1.39 a share. The company's revenue grew 3.7 percent to $1.987 billion from $1.916 billion in the previous year quarter. Excluding the currency impact, it would have recorded 3.9 percent growth in revenue. However, this was slightly short of the analysts' expectations of $2.0 billion. The company indicated that comparable store sales grew 2.9 percent
Equities Trading UP Ocean Rig UDW Inc.
ORIG
shares shot up 29 percent to $2.34 after the company reported stronger-than-expected quarterly results. Shares of
InterOil Corporation (USA) IOC
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got a boost, shooting up 37 percent to $43.51 as Oil Search Ltd. agreed to acquire InterOil in a deal valued at around $2.2 billion.
Applied Materials, Inc.AMAT
shares were also up, gaining 13 percent to $22.46 after the company reported better-than-expected results for its second quarter and issued a strong forecast for the current quarter.
Equities Trading DOWN New York & Company, Inc.NWY
shares dropped 42 percent to $1.71 after the company reported downbeat quarterly results. Shares of
Abraxas Petroleum Corp.AXAS
were down 21 percent to $1.05. Abraxas Petroleum expected FY16 total production of 6,000 to 6,400 boepd and priced 25 million share offering at $1.00 per share.
DryShips Inc.DRYS
was down, falling around 16 percent to $2.21. DryShips reported a Q2 loss of $0.78 per share.
Commodities
In commodity news, oil traded down 0.08 percent to $48.12 while gold traded down 0.26 percent to $1,251.50. Silver traded down 0.02 percent Friday to $16.49, while copper rose 0.07 percent to $2.06.
Eurozone
European shares were higher today. The eurozone's STOXX 600 rose 1.23 percent, the Spanish Ibex Index rose 1.11 percent, while Italy's FTSE MIB Index gained 1.52 percent. Meanwhile the German DAX gained 1.23 percent, and the French CAC 40 climbed 1.67 percent, while U.K. shares rose 1.70 percent.
Economics
U.S. existing-home sales increased 1.7 percent to an annual rate of 5.45 million in April, according to the National Association of Realtors. However, economists were expecting a 5.40 million rate.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversMid-Day Market Update
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