Technology Stocks On The Rise With Help From 5 Stocks

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Two out of the three major indices are trading lower today with the Dow Jones Industrial Average ( ^DJI) trading down 10 points (-0.1%) at 15,618 as of Friday, Aug. 2, 2013, 12:50 PM ET. The NYSE advances/declines ratio sits at 1,354 issues advancing vs. 1,554 declining with 118 unchanged.

The Technology sector currently is unchanged today versus the S&P 500, which is down 0.1%. Top gainers within the sector include Hewlett-Packard ( HPQ), up 5.6%, Telefonica Brasil S.A ( VIV), up 1.9%, NTT DoCoMo ( DCM), up 1.6%, Sap ( SAP), up 1.4% and Baidu ( BIDU), up 1.1%. On the negative front, top decliners within the sector include Gartner ( IT), down 6.0%, Telecom Italia SpA ( TI), down 3.7%, Activision Blizzard ( ATVI), down 2.5%, Telecom Italia SpA ( TI.A), down 2.3% and Taiwan Semiconductor Manufacturing ( TSM), down 2.3%.

TheStreet would like to highlight 5 stocks pushing the sector higher today:

5. Mercadolibre ( MELI) is one of the companies pushing the Technology sector higher today. As of noon trading, Mercadolibre is up $8.25 (6.8%) to $129.72 on heavy volume. Thus far, 1.7 million shares of Mercadolibre exchanged hands as compared to its average daily volume of 597,600 shares. The stock has ranged in price between $128.27-$136.52 after having opened the day at $132.94 as compared to the previous trading day's close of $121.47.

MercadoLibre, Inc. hosts online commerce platforms in Latin America. Its services are designed to provide users with mechanisms for buying, selling, paying, collecting, generating leads, and comparing listings through e-commerce transactions. Mercadolibre has a market cap of $5.2 billion and is part of the internet industry. Shares are up 49.5% year to date as of the close of trading on Thursday. Currently there are 2 analysts that rate Mercadolibre a buy, 1 analyst rates it a sell, and 3 rate it a hold.

TheStreet Ratings rates Mercadolibre 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, good cash flow from operations, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income. Get the full Mercadolibre Ratings Report now.

3x UPSIDE POTENTIAL: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

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