On the upside

Time Warner (NYSE: TWX) posted a decline in quarterly earnings, but the results beat expectations.   Meanwhile, the media conglomerate reported that it was on track to spin off its AOL operations.

Comcast (Nasdaq: CMCSA) reported higher revenues and earnings, but a rally in stock price was limited by anxiety about debt arising from a possible stake in NBC Universal.

Pacer International (Nasdaq: PACR) posted a small, but unexpected 3rd quarter profit and announced a new contract with railroad Union Pacific.

On the downside

Jeans maker True Religion Apparel (Nasdaq: TRLG) posted lower 3rd quarter profits on higher sales to miss expectations.

Shares of flash memory maker Stec (Nasdaq: STEC) tumbled on worries that inventory decisions by EMC (NYSE: EMC), a major customer, may impact 1st quarter results.

An analyst downgraded Maxwell Technologies (Nasdaq: MXWL) following yesterday's report of higher revenues and a smaller loss.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 571.