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Strength Seen in Western Digital (WDC): Can Its 6.6% Jump Turn into More Strength?
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Western Digital (WDC - Free Report) shares ended the last trading session 6.6% higher at $35.23. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.2% loss over the past four weeks.
The increase in share price can be attributed to recommencement of merger talks by Western Digital and Japan-based Kioxia Holdings as per a report by Bloomberg.
Citing sources familiar with the matter, Bloomberg added that the companies are mulling integrating into one publicly traded company. While discussions currently are highly fluid and the talks could end without any agreement, added Bloomberg. There was no official word on the matter from either of the parties.
This maker of hard drives for businesses and personal computers is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of -103.5%. Revenues are expected to be $3.01 billion, down 37.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Western Digital, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on WDC going forward to see if this recent jump can turn into more strength down the road.
Western Digital belongs to the Zacks Computer- Storage Devices industry. Another stock from the same industry, Quantum Corp. (QMCO - Free Report) , closed the last trading session 3.3% lower at $1.19. Over the past month, QMCO has returned 11.8%.
Quantum Corp.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.01. Compared to the company's year-ago EPS, this represents a change of +85.7%. Quantum Corp. currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Western Digital (WDC): Can Its 6.6% Jump Turn into More Strength?
Western Digital (WDC - Free Report) shares ended the last trading session 6.6% higher at $35.23. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.2% loss over the past four weeks.
The increase in share price can be attributed to recommencement of merger talks by Western Digital and Japan-based Kioxia Holdings as per a report by Bloomberg.
Citing sources familiar with the matter, Bloomberg added that the companies are mulling integrating into one publicly traded company. While discussions currently are highly fluid and the talks could end without any agreement, added Bloomberg. There was no official word on the matter from either of the parties.
This maker of hard drives for businesses and personal computers is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of -103.5%. Revenues are expected to be $3.01 billion, down 37.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Western Digital, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on WDC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Western Digital belongs to the Zacks Computer- Storage Devices industry. Another stock from the same industry, Quantum Corp. (QMCO - Free Report) , closed the last trading session 3.3% lower at $1.19. Over the past month, QMCO has returned 11.8%.
Quantum Corp.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.01. Compared to the company's year-ago EPS, this represents a change of +85.7%. Quantum Corp. currently boasts a Zacks Rank of #3 (Hold).