Stocks cut losses after opening modestly lower Wednesday.
The S&P 500 fell 0.3% while the Nasdaq and NYSE composite slipped 0.2% each. Volume was tracking sharply lower on both exchanges.
JDA Software (JDAS) gapped below its 50-day moving average and slumped 6% to its lowest in nearly two months, then rebounded strongly. Late Tuesday, the business software maker delivered Q4 sales below views. It guided full-year 2011 earnings of $2 to $2.20 a share vs. views of $2.40.
C.H. Robinson Worldwide (CHRW) also gapped below its 50-day line and fell 4% in fast trade. Last Tuesday, the provider of freight transport and logistics services reported Q4 earnings that came in a penny shy of views. The firm's sales also narrowly missed estimates.
On the upside, Cirrus Logic (CRUS) rose 3% to its best levels in more than nine years. The stock cleared a 19.17 buy point from deep, double-bottom pattern Jan. 27 and has gained about 15%. Last week, the chip designer beat views with a 79% jump in fiscal Q3 earnings and a 47% rise in sales.
Spreadtrum Communications (SPRD), in the same industry as Cirrus, edged up 2% to a record high. The stock is in a second rebound from its 50-day moving average. It cleared a high handle in late August. Spreadtrum is a Chinese chip designer. Analysts see its Q4 earnings exploding 767% to 52 cents a share.
Elsewhere, crude oil rose 61 cents to $91.38 a barrel ahead of the weekly energy inventory numbers.
