3 Stocks Dragging The Electronics Industry Downward

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All three major indices are trading down today with the Dow Jones Industrial Average ( ^DJI) trading down 4 points (0.0%) at 16,511 as of Wednesday, April 23, 2014, 12:55 PM ET. The NYSE advances/declines ratio sits at 1,718 issues advancing vs. 1,280 declining with 133 unchanged.

The Electronics industry currently sits down 0.1% versus the S&P 500, which is down 0.1%. A company within the industry that fell today was Taiwan Semiconductor Manufacturing ( TSM), up 1.0%. Top gainers within the industry include Sanmina ( SANM), up 14.6%, SunPower ( SPWR), up 10.2%, Cognex ( CGNX), up 7.5% and United Microelectronics ( UMC), up 2.4%.

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

3. Cree ( CREE) is one of the companies pushing the Electronics industry lower today. As of noon trading, Cree is down $6.56 (-11.3%) to $51.49 on heavy volume. Thus far, 9.0 million shares of Cree exchanged hands as compared to its average daily volume of 1.8 million shares. The stock has ranged in price between $51.41-$53.40 after having opened the day at $53.05 as compared to the previous trading day's close of $58.05.

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 $7.0 billion and is part of the technology sector. Shares are down 7.2% year-to-date as of the close of trading on Tuesday. Currently there are 7 analysts that rate Cree a buy, 2 analysts rate it a sell, and 6 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. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself. Get the full Cree Ratings Report now.

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