U.S. indices were rising across the board midday Friday as markets look to close a dismal week of trading on a positive note. The Nasdaq led the way higher, rising 1.5%, while the Dow Jones Industrial Average gained 0.8% and the S&P 500 rose 0.9%.
Crude prices continued their decline from morning trading, with industry standard Brent crude contracts for July delivery falling $0.17 to $48.64 per barrel and West Texas crude futures for June delivery declining $0.11 to $48.05 per barrel.
Oil stocks felt the effects of the falling prices with Exxon Mobil (XOM) declining 0.5% on heavy volume and BP (BP) falling 0.3%.
Foot Locker was falling more than 6% midday after reporting mixed first-quarter results. The company reported earnings of $1.39 per share that were in line with Wall Street expectations. Sales for the period rose 3.7% to $1.98 billion, just short of the $2 billion analysts were expecting.
Meanwhile Hibbett Sports was rising nearly 8% following its earnings release. The company reported a quarterly profit of $1.22 per share that was $0.02 ahead of expectations. Revenue grew 4.6% year over year to $282.1 million, but came in short of analysts' forecast of $285.57 million. For the year, the company reaffirmed its earnings guidance between $2.90 and $3.04 per share vs. $2.98 per share consensus estimates.
Shares of The Gap (GPS) were rising after the company announced that it will close 75 of its Old Navy and Banana Republic stores in a move that it says will save the company $275 million annually.
Applied Materials (AMAT) shares were up nearly 13% on about 3x its normal volume after the release of the microchip manufacturer's latest earnings results. The company reported that orders of the microchips used in phones and televisions hit a 15-year high in the second quarter. Analysts at Pacific Crest reiterated their Overweight rating on the stock while raising its price target to $26 from $23.
Deere (DE) shares were declining nearly 5%, following its earnings release despite topping analysts' bottom-line expectations by $0.08. Revenue for the period also came in ahead of expectations. However, the company also issued downside third-quarter revenue guidance of $6.02 billion vs. the consensus $6.17 billion estimates.