NEW YORK ( TheStreet) -- Stocks turned mixed Friday afternoon as investors cling to hopes that a debt deal will be reached between Greece and its creditors during a meeting on Saturday.
The S&P 500 added 0.05%, the Dow Jones Industrial Average gained 0.26%, and the Nasdaq declined 0.67%.
European Officials told Reuters that the odds of a deal at Saturday's meeting "were better than 50%" as creditors may be willing to reschedule the country's debt payment. So far, Greece and its creditors were unsuccessful in agreeing to a debt deal, despite three meetings this week. The clock is ticking as Greece has a payment due to the International Monetary Fund on June 30.
Micron (MU) shares fell more than 17% on Friday after the chipmaker reported quarterly earnings and revenue that fell short of analysts' estimates amid a weak market for personal computers. The extended to other semiconductor companies such as Intel (INTC), which lost 2.8%, and SanDisk (SNDK), which fell 1.6%.
Nike (NKE) shares rose 4.2% following better-than-expected fiscal fourth-quarter earnings, helping to keep the Dow afloat. The athletic equipment and apparel company posted earnings per share of 98 cents, topping analysts' estimates by 15 cents on the heels of better margins.
Oil prices fell 0.18% to settle at $59.63 a barrel.
Investors also were bracing on Friday for a rebalancing of the Russell 2000, an index of small-cap stocks, in an annual event that could result in $40 billion in trades right before the markets close.
"[Friday] will almost certainly be the busiest trading day of the year, as the Russell indexes go through their annual rebalancing/reconstitution," Nicholas Colas, chief market strategist at Convergex, wrote in a note. "But Friday's close will be the end of a trade that began almost 2 months ago, as traders began handicapping which equities would be included for the first time or swapped between various Russell indices."
Valeant Pharmaceuticals (VRX) made an offer to acquire Zoetis (ZTS), an animal-health company, sources told The Wall Street Journal, which said it's not clear what "the company's reaction to the approach was, if any, or whether it is open to a sale." Shares of Valeant fell 2% while Zoetis declined 12.3%.
Canadian fertilizer company Potash (POT) shares fell 2.2%, following reports that it's looking to merge with K+S, a fertilizer company based in Germany.
Shares of athletic retailer Finish Line (FINL) rose 4.3% after the company's sales and profit beat Wall Street's estimates. The company posted earnings per share of 30 cents, beating estimates of 24 cents.