Why Western Digital Stock Soared Today
Western Digital (NASDAQ: WDC) stock was a winner by association on Wednesday, thanks to the latest performance of its long-standing rival. After market hours, its fellow computer storage specialist, Seagate Technology, delivered quarterly results that far exceeded expectations. With that, Western Digital's shares coasted to a nearly 11% gain that day.
Seagate published its fiscal second-quarter figures just after market close on Tuesday, with both revenue and headline profitability growing at double-digit percentage rates. Specifically, the top line expanded by almost 22% to over $2.8 billion, while net income in accordance with generally accepted accounting principles (GAAP) advanced at a very robust 76% to hit $593 million. Both metrics easily topped the consensus analyst estimates.
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Source Fool.com