3 Stocks Driving The Technology 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 87 points (0.5%) at 16,606 as of Thursday, May 8, 2014, 12:55 PM ET. The NYSE advances/declines ratio sits at 1,938 issues advancing vs. 1,065 declining with 159 unchanged.

The Technology sector currently sits up 0.8% versus the S&P 500, which is up 0.5%. Top gainers within the sector include SolarCity ( SCTY), up 16.8%, CenturyLink ( CTL), up 5.5%, China Telecom ( CHA), up 4.1%, Micron Technology ( MU), up 3.3% and Cognizant Technology Solutions ( CTSH), up 2.9%. A company within the sector that fell today was Telefonica Brasil ( VIV), up 2.3%.

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

3. Qualcomm ( QCOM) is one of the companies pushing the Technology sector higher today. As of noon trading, Qualcomm is up $0.61 (0.8%) to $79.94 on light volume. Thus far, 3.3 million shares of Qualcomm exchanged hands as compared to its average daily volume of 9.6 million shares. The stock has ranged in price between $78.96-$80.09 after having opened the day at $79.34 as compared to the previous trading day's close of $79.32.

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 $133.9 billion and is part of the telecommunications industry. Shares are up 6.8% year-to-date as of the close of trading on Wednesday. Currently there are 20 analysts who rate Qualcomm a buy, no analysts rate it a sell, and 5 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, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company shows weak operating cash flow. Get the full Qualcomm Ratings Report now.

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2. As of noon trading, Google ( GOOGL) is up $8.99 (1.7%) to $526.99 on average volume. Thus far, 1.5 million shares of Google exchanged hands as compared to its average daily volume of 3.6 million shares. The stock has ranged in price between $514.46-$527.35 after having opened the day at $515.72 as compared to the previous trading day's close of $518.00.

Google Inc., a technology company, builds products and provides services to organize the information. Google has a market cap of $147.2 billion and is part of the internet industry. Shares are down 7.8% year-to-date as of the close of trading on Wednesday. Currently there are 26 analysts who rate Google a buy, no analysts rate it a sell, and 4 rate it a hold.

TheStreet Ratings rates Google 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 reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share. Get the full Google Ratings Report now.

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1. As of noon trading, Facebook ( FB) is up $0.85 (1.5%) to $58.24 on average volume. Thus far, 34.7 million shares of Facebook exchanged hands as compared to its average daily volume of 70.3 million shares. The stock has ranged in price between $56.50-$58.82 after having opened the day at $57.23 as compared to the previous trading day's close of $57.39.

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 $116.7 billion and is part of the internet industry. Shares are up 5.0% year-to-date as of the close of trading on Wednesday. Currently there are 31 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).

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