Why Western Digital Stock Rose 10.6% in November
Shares of Western Digital (NASDAQ: WDC) rose 10.6% in November, according to data from S&P Global Market Intelligence. The company is one of just a handful of producers of hard-disk drives and NAND flash storage modules. Bucking the negative November trend in tech stocks, Western Digital rose after an analyst became more optimistic on memory demand heading into next year.
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Heading into November, Western Digital's stock had trended downward in a monthslong decline, as analysts grew concerned over softening demand trends for the holiday quarter. At the end of October, the company also reported earnings that included softer-than-expected guidance, leading to another drop at the end of October.
Source Fool.com
