3 Technology Stocks Moving The Sector Upward

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 67 points (0.4%) at 16,436 as of Friday, Aug. 8, 2014, 12:55 PM ET. The NYSE advances/declines ratio sits at 1,992 issues advancing vs. 961 declining with 169 unchanged.

The Technology sector currently is unchanged today versus the S&P 500, which is up 0.4%. Top gainers within the sector include Mercadolibre ( MELI), up 14.7%, Youku Tudou ( YOKU), up 7.5%, NVIDIA ( NVDA), up 7.0%, Ubiquiti Networks ( UBNT), up 6.8% and KT Corporation ( KT), up 3.2%. On the negative front, top decliners within the sector include Computer ( CSC), down 6.7%, SolarCity ( SCTY), down 3.9%, BT Group ( BT), down 2.0%, BCE ( BCE), down 1.4% and Cognizant Technology Solutions ( CTSH), down 1.4%.

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 $1.19 (0.6%) to $214.70 on light volume. Thus far, 1.1 million shares of Baidu exchanged hands as compared to its average daily volume of 3.2 million shares. The stock has ranged in price between $213.00-$215.80 after having opened the day at $214.39 as compared to the previous trading day's close of $213.51.

Baidu, Inc. provides Internet search services. Baidu has a market cap of $75.4 billion and is part of the internet industry. Shares are up 20.0% year-to-date as of the close of trading on Thursday. Currently there are 11 analysts who rate Baidu a buy, no analysts rate it a sell, and 2 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, growth in earnings per share, increase in net income, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. Get the full Baidu Ratings Report now.

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