On the upside

Second quarter earnings leaped for Open Text (Nasdaq: OTEX) to beat expectations as revenue grew and the company cut costs.

Joe's Jeans (Nasdaq: JOEZ) reported sharply higher fourth quarter earnings that topped estimates as sales surged.

Unisys (NYSE: UIS) reversed year ago losses to post a better than expected profit for the fourth quarter. The company announced the sale of its check and cash automation unit. Also, the company won a three year contract valued at approximately $32 million.

On the downside

While fourth quarter earnings edged up for Double-Take Software (Nasdaq: DBTK), revenue dropped to fall short of estimates and the company forecast disappointing first quarter as well as full year results.

SummerStreet Research Partners analyst Carol Werther downgraded AMAG Pharmaceuticals (Nasdaq: AMAG) citing possible severe allergic reactions in kidney disease patients to the company's iron replacement drug Feraheme.

While United Rentals (NYSE: URI) narrowed fourth quarter losses, the results missed estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by a margin of nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 15 points to 594.