3 Stocks Pulling The Technology Sector Downward

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All three major indices are trading up today with the Dow Jones Industrial Average ( ^DJI) trading up 90 points (0.6%) at 15,153 as of Tuesday, Sept. 10, 2013, 12:50 PM ET. The NYSE advances/declines ratio sits at 1,842 issues advancing vs. 1,092 declining with 95 unchanged.

The Technology sector currently sits up 0.6% versus the S&P 500, which is up 0.5%. A company within the sector that fell today was Amazon.com ( AMZN), up 0.6%. Top gainers within the sector include SouFun Holdings ( SFUN), up 9.0%, Micron Technology ( MU), up 4.8%, Qihoo 360 Technology ( QIHU), up 3.8%, Infosys ( INFY), up 3.5% and Tim Holding Company ( TSU), up 3.3%.

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

3. Wipro ( WIT) is one of the companies pushing the Technology sector lower today. As of noon trading, Wipro is down $0.43 (-4.3%) to $9.61 on heavy volume. Thus far, 698,736 shares of Wipro exchanged hands as compared to its average daily volume of 734,400 shares. The stock has ranged in price between $9.59-$9.96 after having opened the day at $9.95 as compared to the previous trading day's close of $10.04.

Wipro Limited provides information technology (IT) products and services worldwide. It operates in two segments, IT Services and IT Products. Wipro has a market cap of $23.0 billion and is part of the computer software & services industry. Shares are up 14.6% year to date as of the close of trading on Monday. Currently there are no analysts that rate Wipro a buy, 2 analysts rate it a sell, and 6 rate it a hold.

TheStreet Ratings rates Wipro as a hold. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and poor profit margins. Get the full Wipro Ratings Report now.

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