Western Digital Corp. (WDC - Free Report) was a big mover last session, as the company saw its shares rise nearly 7% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $35.65 to $40.03 in the past one-month time frame.
The company reported its second-quarter fiscal 2019 results (ended Dec 28, 2018) that missed analyst expectations. However, the upside was perhaps driven by expectations that the company’s top line may improve in the upcoming quarters, courtesy of cost and expense restructuring actions.
The company has seen three negative estimate revisions in the past few weeks, while its Zacks Consensus Estimate for the current quarter has also moved lower over the past few weeks, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.
Western Digital currently has a Zacks Rank #5 (Strong Sell) while its Earnings ESP is negative.
A better-ranked stock in the Computer – Storage Devices industry is Pure Storage, Inc. (PSTG - Free Report) , which currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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