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Stock Market & Financial Investment News

News Breaks
July 30, 2014
13:14 EDTSTX, WDCEarnings Preview: Western Digital shares rise ahead of Q4 report
Western Digital (WDC) is set to report fourth quarter earnings on Wednesday, July 30, with a conference call scheduled for 5:00 pm ET. Western Digital provides digital content storage solutions, and is primarily engaged in the sale of hard drives for both personal and business use. EXPECTATIONS: Analysts are looking for earnings per share of $1.74 on revenue of $3.59B, according to First Call. The consensus range for EPS is $1.66-$1.88 on revenue of $3.54B-$3.69B. On its third quarter earnings conference call, the company said it sees Q4 EPS of $1.65-$1.75, which was below then-consensus estimates for $1.89. Western Digital also guided to Q4 revenue of $3.5B-$3.6B, which was roughly in-line with then-estimates for $3.74B. The company’s Q4 outlook marked the third consecutive quarter that its guidance disappointed. LAST QUARTER: On Wednesday April 30, Western Digital reported Q3 EPS of $1.94 on revenue of $3.7B, which compared to estimates for earnings of $1.88 on revenue of $3.74B. STREET RESEARCH: Wall Street research has been fairly quiet on Western Digital during the quarter. On May 14, Barclays upgraded Western Digital to Overweight from Equalweight citing the potential for increased buyback activity and cost synergies. The firm raised its price target for the shares to $98 from $95. On July 1, Brean Capital noted that it sees "material" earnings upside in the June quarter for Western Digital and Seagate (STX). The firm explained that it loves both stocks in regards to the short and long terms and it urged investors to get into the names at current levels. Brean had a $125 price target for Western Digital. Deutsche Bank increased its price target on Western Digital to $118 from $100 on July 14, citing expectations that PC market strength will continue and that enterprise will recover in 2H14. Deutsche said it expected Western Digital to report June quarter results above guidance due to market share gains and it maintained the stock with a Buy rating. On July 16, RW Baird upgraded Western Digital to Outperform from Neutral citing PC strength and renewed traction in Hyperscale Cloud and Enterprise. The firm upped its price target on the shares to $120 from $95. PRICE ACTION: Shares of Western Digital have increased 15.63% since last quarter's earnings report. In afternoon trading ahead of its Q4 report, Western Digital is up almost 1% to $101.50.
News For WDC;STX From The Last 14 Days
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December 22, 2014
10:01 EDTWDC, STXOn The Fly: Analyst Downgrade Summary
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06:35 EDTSTXSeagate downgraded to Neutral from Buy at Longbow
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06:35 EDTWDCWestern Digital downgraded to Neutral from Buy at Longbow
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December 17, 2014
10:14 EDTSTX, WDCHP best way to play coming PC sales outperformance, Citi says
Sales of PCs will be at least flat next year, before growing slightly in 2016 and 2017, Citigroup wrote in a note to investors today. The firm identified HP (HPQ) as the best way to play better than expected PC sales. WHAT'S NEW: Although many believe that PCs will become extinct, there are several reasons why sales of personal computers will begin growing again, Citi analyst Jim Suva contended. Sales of commercial PCs in emerging markets should increase over the long-term, as those PCs are aging, according to Suva. He estimated that commercial PCs in emerging markets account for 27% of the total PC market. Meanwhile, tablets were supposed to replace PCs, but tablet sales growth slowed to just 8% this year, indicating that tablets are becoming less of a threat to PCs, he wrote. Additionally, some believe that PC demand was inflated by a rush to replace computers running Microsoft's (MSFT) Windows XP operating system this year after the company stopped supporting XP, but Suva believe that PC demand growth in 2014 was more driven by a need to buy new computers following a lull in growth in 2012-2013 than by the XP situation. As a result, the analyst estimates that the XP phenomenon will only reduce next year's PC growth by 1%, versus the 3%+ reduction that investors fear. HP is the best way to play the PC rebound, wrote Suva, who raised his price target on the company's shares to $46 from $40 and kept a Buy rating on the stock. WHAT'S NOTABLE: Suva raised his price target on hard disk drive maker Western Digital (WDX) to $125 from $110 and on its competitor, Seagate (STX), to $74 from $70, as he noted that the companies obtain about 50% of their revenue from PCs. He kept Buy ratings on both names. PRICE ACTION: In early trading, Hewlett-Packard gained 2.7% to $38.32, Western Digital rose 1.7% to $106.30, and Seagate climbed 1% to $63.89.
06:25 EDTSTX, WDCWestern Digital price target raised to $125 from $110 at Citigroup
Citigroup raised its price target for Western Digital (WDC) shares to $125 on expectations PCs will return to positive growth in 2016-2017. Citi believes Western Digital will benefit if its thesis on PCs proves correct. It also raised its price target for Seagate (STX) shares to $74 from $70. Citi keeps a Buy rating on both stocks.
December 16, 2014
08:09 EDTWDCWestern Digital story remains under-appreciated, says Brean Capital
Brean Capital believes the enterprise value/free cash flow valuation for Western Digital remains under-appreciated. The firm sees an improving product mix and ongoing margin expansion and believes the company's acquisition of Skyera is a positive. Brean Capital reiterated its Buy rating and $125 price target on Western Digital shares.
December 15, 2014
08:56 EDTWDCWestern Digital announces HGST to acquire Skyera
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December 10, 2014
08:09 EDTWDCWestern Digital price target raised to $129 from $124 at Jefferies
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December 9, 2014
07:41 EDTSTXBarclays to hold a conference
Global Technology Conference is being held in San Francisco on December 9-10 with webcasted company presentations to begin on December 9 at 10:40 am; not all company presentations may be webcasted. Webcast Link
07:07 EDTWDCWestern Digital resolves two non-compliance matters with MOFCOM
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December 8, 2014
07:28 EDTSTXFBN Securities to hold a bus tour
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