Nasdaq 100 Leaders and Laggards: UAUA SPLS

On Wednesday, oil prices traded as high as $138.30 a barrel on the New York Mercantile Exchange.

UAL Corp., which operates United Airlines, slipped $1.03, or 12.5 percent, to $7.22. Oil is one of a carrier's biggest costs.

A downgrade of Microchip Technology Inc. sent the stock down $3.05, or 8.9 percent, to $31.13.

Leap Wireless International Inc. declined $3.58, or 6.4 percent, to $52.73.

With only three stocks rising, the index that includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market shed 48.21 points, or 2.4 percent, to 1,924.33. The broader Nasdaq composite declined 54.93 points, or 2.2 percent, to 2,394.01.

On the rising side, shares of Staples Inc. gained $1.23, or 5.3 percent, to $24.38. Dutch office supplies distributor Corporate Express NV agreed to be bought by the company for $2.7 billion.

An analyst upgrade lifted shares of pet products retailer Petsmart Inc., up 30 cents to $22.51.

Wynn Resorts Ltd. gained 55 cents to $88.51.