Take a look at some of Wednesday's midday movers:
Apple advanced amid ongoing speculation over a possible share buyback or a dividend increase. In addition, widely-followed mutual fund manager Bill Miller said the iPhone maker could be worth 50 percent more if it were to keep its $137 billion on balance sheet and just put future free cash flows into dividends, according to an interview with the Financial Times.
Netflix jumped after the online video-streaming company inked another deal for content, this time with Queen Latifah's film company.
JCPenney traded lower on heavy volume. In a CNBC interview, JCPenney CEO Ron Johnson said the recent bondholder lawsuit was "groundless" and that he believes the company "will return to growth this year."
Gamestop was slammed following a report that suggested next-generation's Xbox models would focus on streaming games from the Internet.
CH Robinson Worldwide tumbled after the company posted a lower-than-expected quarterly profit despite higher truck, ocean transportation and air transportation revenues. In addition, Jefferies, which has a "hold" rating on the stock, cut its price target on the firm to $61 per share.
Ralph Lauren soared to lead the S&P 500 gainers after the retailer posted quarterly earnings and said it sees sales gaining next year.
And the Zynga post-earnings rally continued, with shares trading above $3 per share.
—By CNBC's Lori Spechler
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