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Here's Why Western Digital (WDC) Fell More Than Broader Market
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The latest trading session saw Western Digital (WDC - Free Report) ending at $75.40, denoting a -0.49% adjustment from its last day's close. This change lagged the S&P 500's daily loss of 0.31%. At the same time, the Dow added 0.67%, and the tech-heavy Nasdaq lost 1.09%.
The the stock of maker of hard drives for businesses and personal computers has risen by 1.28% in the past month, lagging the Computer and Technology sector's gain of 6.41% and the S&P 500's gain of 2.73%.
Investors will be eagerly watching for the performance of Western Digital in its upcoming earnings disclosure. On that day, Western Digital is projected to report earnings of $1.16 per share, which would represent year-over-year growth of 158.59%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.72 billion, up 39.37% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of -$0.62 per share and a revenue of $12.81 billion, demonstrating changes of +82.73% and +3.96%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Western Digital. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Western Digital currently has a Zacks Rank of #3 (Hold).
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 96, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Here's Why Western Digital (WDC) Fell More Than Broader Market
The latest trading session saw Western Digital (WDC - Free Report) ending at $75.40, denoting a -0.49% adjustment from its last day's close. This change lagged the S&P 500's daily loss of 0.31%. At the same time, the Dow added 0.67%, and the tech-heavy Nasdaq lost 1.09%.
The the stock of maker of hard drives for businesses and personal computers has risen by 1.28% in the past month, lagging the Computer and Technology sector's gain of 6.41% and the S&P 500's gain of 2.73%.
Investors will be eagerly watching for the performance of Western Digital in its upcoming earnings disclosure. On that day, Western Digital is projected to report earnings of $1.16 per share, which would represent year-over-year growth of 158.59%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.72 billion, up 39.37% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of -$0.62 per share and a revenue of $12.81 billion, demonstrating changes of +82.73% and +3.96%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Western Digital. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Western Digital currently has a Zacks Rank of #3 (Hold).
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 96, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.