Mid-Afternoon Market Update: 8x8 Shares Rise On Upbeat Results; American Express Drops

Toward the end of trading Friday, the Dow traded up 1.35 percent to 16,096.85 while the NASDAQ surged 2.58 percent to 4,587.58. The S&P also rose, gaining 2.09 percent to 1,907.96. Leading and Lagging SectorsOn Friday, energy shares surged by 3.89 percent. Meanwhile, top gainers in the sector included Golar LNG Limited (USA) (NASDAQ: GLNG), up 36 percent, and Energy Transfer Equity LP (NYSE: ETE), up 24 percent. In trading on Friday, industrials shares rose by just 0.99 percent. Meanwhile, top losers in the sector included Tutor Perini Corp (NYSE: TPC), down 17 percent, and Value Line, Inc. (NASDAQ: VALU), down 9 percent.Top Headline General Electric Company (NYSE: GE) reported upbeat earnings for its fourth quarter. However, industrial profit declined 8 percent in the quarter.GE's total profit surged to $6.28 billion, or $0.64 per share in the latest quarter, versus a year-ago profit of $5.15 billion, or $0.51 per share. Its adjusted earnings came in at $0.52 per share, beating analysts' estimates of $0.49 per share.Its total revenue gained 1.4 percent to $33.89 billion, while industrial segment operating profit dropped to $5.52 billion from $5.99 billion.Equities Trading UP 8x8, Inc. (NASDAQ: EGHT) shares shot up 7 percent to $11.97 after the company reported better-than-expected Q3 results.Shares of Golar LNG Limited (USA) (NASDAQ: GLNG) got a boost, shooting up 36 percent to $16.21 on news of Memorandum of Understanding with Schlumberger Limited. (NYSE: SLB) regarding global development of gas reserves. Ballard Power Systems Inc. (USA) (NASDAQ: BLDP) shares were also up, gaining 9 percent to $1.34 after the company reported a $12 million agreement for fuel cell stacks to power commercial buses in China.Equities Trading DOWN Cardiovascular Systems Inc (NASDAQ: CSII) shares dropped 33 percent to $8.36. Cardiovascular Systems reported a Q2 loss of $0.47 per share on revenue of $41.4 million. Needham downgraded Cardiovascular Systems to Underperform.Shares of American Express Company (NYSE: AXP) were down 12 percent to $54.93. American Express reported upbeat earnings for its fourth quarter. The company expected 2016 earnings of $5.40 to $5.70 per share. Chairman and CEO Kenneth I. Chenault indicated he plans to cut at least $1 billion from the company's cost base by "moving aggressively to streamline the company and drive efficiencies." Keefe Bruyette & Woods downgraded American Express from Outperform to Market Perform and lowered the price target from $95.00 to $67.00. Credit Suisse maintained American Express with a Underperform and lowered the price target from $71.00 to $66.00. Digi International Inc. (NASDAQ: DGII) was down, falling around 16 percent to $8.73. Digi International reported upbeat Q1 earnings, but the company's revenue missed analysts' expectations. The company also issued a weak Q2 forecast.CommoditiesIn commodity news, oil traded up 7.45 percent to $31.73, while gold traded down 0.16 percent to $1,096.40. Silver traded down 0.21 percent Friday to $14.07, while copper rose 0.30 percent to $2.00.EurozoneEuropean shares closed higher today. The eurozone's STOXX 600 rose 3 percent, the Spanish Ibex Index gained 3.30 percent, while Italy's FTSE MIB Index surged 1.63 percent. Meanwhile, the German DAX rose 1.99 percent, and the French CAC 40 gained 3.10 percent, while U.K. shares climbed 2.19 percent.EconomicsThe Chicago Fed National Activity Index rose to a reading of -0.22 in December, versus a prior reading of -0.30.The Markit manufacturing PMI rose to 52.7 in January, versus a previous reading of 51.20. Economists were expecting a reading of 51.10.Sales of existing homes climbed 14.7 percent to an annual rate of 5.46 million in December, according to the National Association of Realtors. However, economists were expecting a 8.9 percent growth. US leading economic index dropped 0.2 percent in December.