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<?php 
    $i = 0; // Counter
?>

<?php $featured_query = new WP_query(array(
    'category_name' => 'featured' )); ?>

    <?php while ($featured_query->have_posts()) :
        $featured_query->the_post(); ?>

        <?php 
            $i++;  

            if ($i % 2 != 0) {
                $float = 'no-float';
            } else {
                $float = 'float-right';
            }
        ?>
    
    	<!-- HTML Code Here-->
    	
    <?php endwhile; ?>