3 Stocks Dragging The Technology Sector Downward

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All three major indices are trading down today with the Dow Jones Industrial Average ( ^DJI) trading down 37 points (-0.2%) at 16,662 as of Friday, May 30, 2014, 12:55 PM ET. The NYSE advances/declines ratio sits at 1,201 issues advancing vs. 1,742 declining with 169 unchanged.

The Technology sector currently sits down 1.2% versus the S&P 500, which is down 0.1%. On the negative front, top decliners within the sector include Qihoo 360 Technology ( QIHU), down 4.9%, LG Display ( LPL), down 4.8%, Workday ( WDAY), down 4.4%, Vipshop Holdings ( VIPS), down 4.1% and Yandex ( YNDX), down 3.2%. Top gainers within the sector include Turkcell Iletisim Hizmetleri AS ( TKC), up 4.7%, China Unicom (Hong Kong ( CHU), up 1.9% and Intel ( INTC), up 0.8%.

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

3. Splunk ( SPLK) is one of the companies pushing the Technology sector lower today. As of noon trading, Splunk is down $8.55 (-17.1%) to $41.49 on heavy volume. Thus far, 13.7 million shares of Splunk exchanged hands as compared to its average daily volume of 3.8 million shares. The stock has ranged in price between $41.05-$47.00 after having opened the day at $46.92 as compared to the previous trading day's close of $50.04.

Splunk, Inc. provides software solutions that provide real-time operational intelligence in the United States and internationally. Splunk has a market cap of $5.8 billion and is part of the computer software & services industry. Shares are down 27.1% year-to-date as of the close of trading on Thursday. Currently there are 15 analysts that rate Splunk a buy, no analysts rate it a sell, and 5 rate it a hold.

TheStreet Ratings rates Splunk as a sell. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and feeble growth in its earnings per share. Get the full Splunk Ratings Report now.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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