5 Stocks Dragging The Technology Sector Downward

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One out of the three major indices are trading up today with the Dow Jones Industrial Average ( ^DJI) trading down 53 points (-0.3%) at 16,478 as of Wednesday, Jan. 8, 2014, 11:55 AM ET. The NYSE advances/declines ratio sits at 1,242 issues advancing vs. 1,672 declining with 178 unchanged.

The Technology sector currently sits up 0.4% versus the S&P 500, which is unchanged. On the negative front, top decliners within the sector include Turkcell Iletisim Hizmetleri AS ( TKC), down 2.3%, America Movil S.A.B. de C.V ( AMOV), down 1.3%, Infosys ( INFY), down 1.3%, NTT DoCoMo ( DCM), down 1.1% and BT Group ( BT), down 0.7%. Top gainers within the sector include Qihoo 360 Technology ( QIHU), up 7.8%, NetEase ( NTES), up 3.8%, Salesforce.com ( CRM), up 3.0%, Seagate Technology ( STX), up 2.8% and Western Digital Corporation ( WDC), up 1.9%.

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

5. Automatic Data Processing ( ADP) is one of the companies pushing the Technology sector lower today. As of noon trading, Automatic Data Processing is down $0.58 (-0.7%) to $80.20 on light volume. Thus far, 641,973 shares of Automatic Data Processing exchanged hands as compared to its average daily volume of 1.8 million shares. The stock has ranged in price between $79.91-$80.74 after having opened the day at $80.30 as compared to the previous trading day's close of $80.78.

Automatic Data Processing, Inc., together with its subsidiaries, provides technology-based outsourcing solutions to employers and vehicle retailers and manufacturers worldwide. Automatic Data Processing has a market cap of $38.4 billion and is part of the computer software & services industry. The company has a P/E ratio of 27.9, above the S&P 500 P/E ratio of 17.7. Shares are down 0.0% year to date as of the close of trading on Tuesday. Currently there are 5 analysts that rate Automatic Data Processing a buy, 2 analysts rate it a sell, and 13 rate it a hold.

TheStreet Ratings rates Automatic Data Processing as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, good cash flow from operations, growth in earnings per share and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results. Get the full Automatic Data Processing Ratings Report now.

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