3 Technology Stocks Driving The Sector Higher

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.

All three major indices are trading up today with the Dow Jones Industrial Average ( ^DJI) trading up 76 points (0.5%) at 16,332 as of Wednesday, April 9, 2014, 12:55 PM ET. The NYSE advances/declines ratio sits at 1,886 issues advancing vs. 1,057 declining with 161 unchanged.

The Technology sector currently sits up 0.9% versus the S&P 500, which is up 0.5%. Top gainers within the sector include ServiceNow ( NOW), up 5.3%, Avago Technologies ( AVGO), up 2.9%, ASML ( ASML), up 2.4%, Micron Technology ( MU), up 2.0% and LM Ericsson Telephone Company ( ERIC), up 1.7%. On the negative front, top decliners within the sector include Electronic Arts ( EA), down 3.2%, VMware ( VMW), down 2.4%, Infosys ( INFY), down 2.3% and America Movil S.A.B. de C.V ( AMOV), down 1.5%.

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

3. Baidu ( BIDU) is one of the companies pushing the Technology sector higher today. As of noon trading, Baidu is up $3.67 (2.4%) to $154.63 on average volume. Thus far, 2.9 million shares of Baidu exchanged hands as compared to its average daily volume of 4.8 million shares. The stock has ranged in price between $149.31-$154.75 after having opened the day at $153.05 as compared to the previous trading day's close of $150.96.

Baidu, Inc. provides Internet search services. Baidu has a market cap of $50.3 billion and is part of the internet industry. Shares are down 15.1% year-to-date as of the close of trading on Tuesday. Currently there are 10 analysts who rate Baidu a buy, no analysts rate it a sell, and 3 rate it a hold.

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

2. As of noon trading, Qualcomm ( QCOM) is up $0.46 (0.6%) to $79.36 on light volume. Thus far, 3.3 million shares of Qualcomm exchanged hands as compared to its average daily volume of 10.3 million shares. The stock has ranged in price between $78.85-$79.66 after having opened the day at $79.26 as compared to the previous trading day's close of $78.89.

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communications products and services based on code division multiple access (CDMA), orthogonal frequency division multiple access (OFDMA), and other technologies. Qualcomm has a market cap of $132.0 billion and is part of the telecommunications industry. Shares are up 6.2% year-to-date as of the close of trading on Tuesday. Currently there are 20 analysts who rate Qualcomm a buy, no analysts rate it a sell, and 6 rate it a hold.

TheStreet Ratings rates Qualcomm as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income. Get the full Qualcomm 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.

1. As of noon trading, Facebook ( FB) is up $3.01 (5.2%) to $61.20 on heavy volume. Thus far, 59.7 million shares of Facebook exchanged hands as compared to its average daily volume of 62.7 million shares. The stock has ranged in price between $59.19-$61.43 after having opened the day at $59.63 as compared to the previous trading day's close of $58.19.

Facebook, Inc. operates as a social networking company worldwide. It provides a set of development tools and application programming interfaces that enable developers to integrate with Facebook to create mobile and Web applications. Facebook has a market cap of $113.4 billion and is part of the internet industry. Shares are up 6.5% year-to-date as of the close of trading on Tuesday. Currently there are 30 analysts who rate Facebook a buy, no analysts rate it a sell, and 3 rate it a hold.

TheStreet Ratings rates Facebook as a hold. 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 and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation. Get the full Facebook 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.

If you are interested in one of these 3 stocks, 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).

null

More from Markets

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers