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Cree ( CREE) pushed the Technology sector lower today making it today's featured Technology laggard. The sector as a whole closed the day up 0.8%. By the end of trading, Cree fell $1.36 (-2.2%) to $61.55 on average volume. Throughout the day, 1,562,278 shares of Cree exchanged hands as compared to its average daily volume of 2,012,600 shares. The stock ranged in price between $60.90-$62.61 after having opened the day at $61.84 as compared to the previous trading day's close of $62.91. Other companies within the Technology sector that declined today were: ChinaNet Online Holdings ( CNET), down 16.4%, Alvarion ( ALVR), down 11.4%, Catamaran ( CTRX), down 10.9% and Microvision ( MVIS), down 8.6%.

Cree, Inc. develops, manufactures, and sells lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, and Taiwan. Cree has a market cap of $7.4 billion and is part of the electronics industry. Shares are up 0.6% year to date as of the close of trading on Wednesday. Currently there are 5 analysts that rate Cree a buy, 2 analysts rate it a sell, and 9 rate it a hold.

TheStreet Ratings rates Cree 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, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.

On the positive front, China BAK Battery ( CBAK), up 31.9%, Sky-mobi ( MOBI), up 20.1%, Inteliquent ( IQNT), up 17.0% and Workday ( WDAY), up 15.1% , were all gainers within the technology sector with Oracle Corporation ( ORCL) being today's featured technology sector leader.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the technology sector could consider Technology Select Sector SPDR ( XLK) while those bearish on the technology sector could consider ProShares Ultra Short Technology ( REW).

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