S&P MidCap 400 in Focus: BOBE CNB

The Standard & Poor's MidCap 400 index rose in midday trading Wednesday as the broader markets reacted to news the service economy grew last month, and crude oil prices fell on demand concerns.

The S&P MidCap 400 is an index used to track mid-sized companies which have a market capitalization of $1.5 billion to $5.5 billion. According to S&P, midcap stocks make up roughly 7 percent of the U.S. equities market.

The index rose 6.15 points to 880.94.

Shares of Bob Evans Farms Inc. surged $5.21, or 17.9 percent, to $34.30. The restaurant operator posted fourth-quarter earnings ahead of Wall Street's expectations late Tuesday and said same-store sales rose 4.4 percent at its namesake chain in May. Additionally, the company guided its fiscal 2009 to a range mostly above analysts' estimates.

Shares of Guess Inc. gained $5.13, or 13.4 percent, to $43. The clothing company posted better-than-expected results for its first quarter on Tuesday.

Shares of Charming Shoppes Inc. added 30 cents, or 5.6 percent, to $5.64.

On the declining side, shares of Colonial Bancgroup Inc. fell 45 cents, or 7.5 percent, to $5.53. Earlier in the session, the stock touched a 52-week low of $5.45.

Shares of Frontier Oil Corp. lost $1.37, or 4.3 percent, to $30.17.

Shares of Hovnanian Enterprises Inc. shed 41 cents, or 4.9 percent, to $7.93. The homebuilder said late Tuesday its second-quarter loss jumped tenfold, due it part to the challenging macroeconomic environment.