S&P MidCap 400 in Focus: CECO NFLX

The S&P MidCap 400 is an index used to track mid-sized companies which have a market capitalization of $1.5 billion to $5.5 billion. According to S&P, midcap stocks make up roughly 7 percent of the U.S. equities market.

The index slipped 3.35 points to 877.60 during midday trading.

Shares of Career Education Corp. lost $1.73, or 9.2 percent, to $17.02.

Shares of Corinthian Colleges Inc. shed $1.03, or 9.2 percent, to $10.19. A Banc of America Securities analyst downgraded the for-profit education company, as well Career Education and two others, because of student lending worries.

Shares of Saks Inc. lost 78 cents, or 5.5 percent, to $13.35. The company, which runs the iconic Saks Fifth Avenue, said Tuesday discounting hurt its first-quarter profit margins.

On the gaining side, shares of Netflix Inc. rose $2.12, or 6.8 percent, to $33.10 after the online movie rental company unveiled a movie-streaming device and a Lehman Brothers analyst boosted his rating and price target on the stock.

Shares of Health Net Inc. added $1.61, or 5.9 percent, to $29.03.

Shares of Timberland Co. gained 70 cents, or 4 percent, to $18.35.