3 Stocks Underperforming Today In The Technology Sector

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 92 points (0.6%) at 16,652 as of Wednesday, Aug. 13, 2014, 12:55 PM ET. The NYSE advances/declines ratio sits at 2,209 issues advancing vs. 757 declining with 152 unchanged.

The Technology sector currently sits up 0.5% versus the S&P 500, which is up 0.6%. A company within the sector that fell today was eBay ( EBAY), up 0.8%. Top gainers within the sector include Amazon.com ( AMZN), up 2.8%, Micron Technology ( MU), up 2.4%, Yahoo ( YHOO), up 2.1%, Taiwan Semiconductor Manufacturing ( TSM), up 2.1% and China Telecom ( CHA), up 1.9%.

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

3. Cree ( CREE) is one of the companies pushing the Technology sector lower today. As of noon trading, Cree is down $4.70 (-9.5%) to $44.50 on heavy volume. Thus far, 7.8 million shares of Cree exchanged hands as compared to its average daily volume of 1.5 million shares. The stock has ranged in price between $44.11-$45.51 after having opened the day at $44.85 as compared to the previous trading day's close of $49.20.

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 $6.1 billion and is part of the electronics industry. Shares are down 21.3% year-to-date as of the close of trading on Tuesday. Currently there are 9 analysts that rate Cree a buy, 2 analysts rate it a sell, and 6 rate it a hold.

TheStreet Ratings rates Cree 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 has had a generally disappointing performance in the past year. Get the full Cree Ratings Report now.

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