3 Stocks Pushing The Technology Sector Lower

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model

All three major indices are trading up today with the Dow Jones Industrial Average ( ^DJI) trading up 42 points (0.3%) at 14,338 as of Thursday, March 7, 2013, 11:50 AM ET. The NYSE advances/declines ratio sits at 1,674 issues advancing vs. 1,197 declining with 153 unchanged.

The Technology sector currently sits up 0.4% versus the S&P 500, which is up 0.2%. On the negative front, top decliners within the sector include Nippon Telegraph & Telephone ( NTT), down 1.8%, CenturyLink ( CTL), down 1.7%, P.T. Telekomunikasi Indonesia Tbk ( TLK), down 1.3%, Rogers Communications ( RCI), down 1.4% and ASML ( ASML), down 1.1%. Top gainers within the sector include Ciena Corporation ( CIEN), up 15.3%, Level 3 Communications ( LVLT), up 7.5%, JDS Uniphase Corp (CA ( JDSU), up 6.5%, Telecom Italia SpA ADR ( TI.A), up 4.3% and Telecom Italia SpA ( TI), up 3.4%.

TheStreet Ratings group would like to highlight 3 stocks pushing the sector lower today:

3. Western Digital Corporation ( WDC) is one of the companies pushing the Technology sector lower today. As of noon trading, Western Digital Corporation is down $1.11 (-2.3%) to $47.72 on average volume Thus far, 1.5 million shares of Western Digital Corporation exchanged hands as compared to its average daily volume of 3.8 million shares. The stock has ranged in price between $47.47-$48.80 after having opened the day at $48.75 as compared to the previous trading day's close of $48.83.

Western Digital Corporation, through its subsidiaries, engages in the development, manufacture, and sale of storage products that enable people to create, manage, experience, and preserve digital content. The company principally offers hard drives comprising 3.5-inch and 2.5-inch form factors. Western Digital Corporation has a market cap of $11.6 billion and is part of the computer hardware industry. The company has a P/E ratio of 5.8, below the S&P 500 P/E ratio of 17.7. Shares are up 14.9% year to date as of the close of trading on Wednesday. Currently there are 8 analysts that rate Western Digital Corporation a buy, 1 analyst rates it a sell, and 10 rate it a hold.

TheStreet Ratings rates Western Digital Corporation as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results. Get the full Western Digital Corporation Ratings Report now.

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