Ericsson Telephone Company ( ERIC) pushed the Technology sector higher today making it today's featured technology winner. The sector as a whole closed the day up 0.6%. By the end of trading, Ericsson Telephone Company rose 26 cents (2.7%) to $9.96 on average volume. Throughout the day, six million shares of Ericsson Telephone Company exchanged hands as compared to its average daily volume of 5.4 million shares. The stock ranged in a price between $9.75-$10 after having opened the day at $9.78 as compared to the previous trading day's close of $9.70. Other companies within the Technology sector that increased today were: Aware ( AWRE), up 64.4%, Cray ( CRAY), up 27.9%, Vimicro International Corporation ( VIMC), up 17.5%, and A123 Systems ( AONE), up 16.7%. Ericsson provides communications equipment, professional services, and multimedia solutions to mobile and fixed networks operators worldwide. Ericsson Telephone Company has a market cap of $31.23 billion and is part of the telecommunications industry. The company has a P/E ratio of 15.8, below the average telecommunications industry P/E ratio of 17.3 and below the S&P 500 P/E ratio of 17.7. Shares are down 4.2% year to date as of the close of trading on Thursday. Currently there are three analysts that rate Ericsson Telephone Company a buy, no analysts rate it a sell, and 10 rate it a hold. TheStreet Ratings rates Ericsson Telephone Company as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income.
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