Mid-Afternoon Market Update: New York & Company Falls On Weak Results; InterOil Shares Spike Higher

Toward the end of trading Friday, the Dow traded up 0.47 percent to 17,517.45 while the NASDAQ climbed 1.25 percent to 4,771.56. The S&P also rose, gaining 0.66 percent to 2,053.59. Leading and Lagging Sectors Technology shares gained by 1.3 percent in trading on Friday. Top gainers in the sector included Applied Materials, Inc. AMAT, Renren Inc RENN, and PROS Holdings, Inc. PRO. In trading on Friday, basic materials shares dropped by 0.02 percent. Meanwhile, top losers in the sector included IAMGOLD Corp (USA) IAG, down 3 percent, and Vale SA (ADR) VALE, down 3 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 $2.33 after the company reported stronger-than-expected quarterly results. Shares of InterOil Corporation (USA) IOC got a boost, shooting up 37 percent to $43.52 as Oil Search Ltd. agreed to acquire InterOil in a deal valued at around $2.2 billion. Cellectar Biosciences Inc CLRB shares were also up, gaining 209 percent to $3.25 after the company revealed Friday that it got patent identification numbers for its Phospholipid-Ether Analogs as Cancer Targeting Drug Vehicles. The company has filed non-provisional US and International patent applications earlier. Equities Trading DOWN New York & Company, Inc. NWY shares dropped 42 percent to $1.72 after the company reported downbeat Q1 results and issued a weak Q2 forecast. Shares of Abraxas Petroleum Corp. AXAS were down 21 percent to $1.04. 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 17 percent to $2.19. DryShips reported a Q2 loss of $0.78 per share. Commodities In commodity news, oil traded down 0.44 percent to $47.95 while gold traded down 0.14 percent to $1,253.10. Silver traded up 0.28 percent Friday to $16.54, while copper fell 0.34 percent to $2.05. Eurozone European shares closed 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 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.