U.S. indices had fallen in midday trading after looking poised to open higher on Friday. This comes ahead of the looming Brexit vote on Jun. 23, in which the U.K. will decide whether or not to stay in the European Union.
Chesapeake Energy (CHK) shares gained as much as 9% in midday trading, as the price of oil also gained more than 2% in Friday's session. Other gainers in the energy space include Marathon Oil (MRO), which jumped as much as 5%, and Devon Energy (DVN), which increased nearly 5%. Oil prices retreated earlier this week -- to below $47 a barrel, after briefly touching above $50 last week.
Signet Jewelers (SIG) had risen nearly 3% by midday. The jewelry brand behind mall stalwarts such as Kay's Jewelers and Zales recently came under fire after a report from Grant's Interest Rate Observer raised questions about the company's consumer credit practices, and amid allegations that the company swapped customer's diamonds for lesser-quality or man-made stones. In an interview with CNBC earlier this week, Signet CEO Mark Light called the diamond-swapping allegations "absurd."
Shares of Apple (AAPL) dropped nearly 2% in midday trading after the Beijing Intellecutal Property Bureau ordered the technology giant to stop sales of its iPhone 6 and 6 Plus. The bureau claims the iPhone models infringe upon a patent from Shenzhen Baili for its smartphone. Apple said that the order had been stayed while it appeals the demand, and that all of its smartphones are still available for sale, according to a Wall Street Journal report. Apple is a holding in Jim Cramer's Action Alerts PLUS portfolio.
Coca-Cola (KO) stock tumbled nearly 2% by midday on Friday -- one day after Philadelphia issued the first soda tax in the U.S. Philadelphians will see a $0.015 per ounce tax on sugary drinks. The company issued updated guidance, as they expected structural headwind "given the earlier-than-anticipated closing of the CCEP [Coca-Cola European Partners] merger." Coca-Cola now expects a decline of 5% to 6% to net revenue. Analysts at Barclays cut earnings estimates through 2017 by $0.02. They now have an expected EPS of $1.91 with a price target of $44.
-- Written by Carleton English and Anders Keitz