Midday Leaders & Laggards: LVLT AKAM

Wachovia analyst Jennifer M. Fritzsche lifted her rating to "Market Perform" from "Underperform," following recent meetings with management.

The stock jumped 32 cents, or 10.2 percent, to $3.47.

The index, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, rose 4.63 points to 1,961.43. The broader Nasdaq composite index gained 9.54 points to 2,457.81.

Irish airline Ryanair Holdings PLC advanced $1.31, or 5.2 percent, to $26.29, helping to reverse a decline on Wednesday amid high oil prices.

Wireless service company NII Holdings Inc. surged $1.82, or 4 percent, to $47.70.

On the losing side, Akamai Technologies Inc. declined $3.09, or 7.9 percent, to $36.18, as an analyst added the stock to a "Sell" list because of a run-up in the stock price and high competition.

Network storage company NetApp Inc. slipped $1.87, or 7.3 percent, to $23.92, after an analyst downgraded the stock on a disappointing outlook.

China-based advertising network operator Focus Media Holding Ltd. declined $1.79, or 4.5 percent, to $37.73.