Midday Leaders and Laggards: Nasdaq 100

The index, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, gained 31.23 points to 1,934.97 in midday trading. The broader Nasdaq composite rose 38.47 points to 2,406.75.

Light, sweet crude fell $3.89 to $133.11 on the New York Mercantile Exchange.

Shares of United Airlines parent UAL Corp. rose 38 cents, or 6.3 percent, to $6.39. The profitability of airline operators is closely linked to jet-fuel costs.

Shares of Flextronics International Ltd. gained 57 cents, or 5.9 percent, to $10.21. The electronics manufacturer said Tuesday it was selected to design and make a consumer notebook computer for Hewlett-Packard Co.

Shares of Level 3 Communications Inc. added 18 cents, or 5.4 percent, to $3.51.

On the falling side, shares of University of Phoenix operator Apollo Group Inc. slipped $2.63, or 5 percent, to $50.20. The company's president, Brian Mueller, resigned and stepped down from the board on Wednesday.

Shares of Steel Dynamics Inc. fell $1.19, or 3 percent, to $38.90.

Shares of Joy Global Inc., which makes mining equipment, slipped $2.31, or 2.9 percent, to $77.86.