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Stock Market & Financial Investment News

News Breaks
January 23, 2013
13:19 EDTWDCEarnings Preview: Western Digital shares higher despite weakening PC market
Western Digital (WDC) is set to report earnings after the market close on Wednesday, January 23, with a conference call scheduled for 6:00 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 EPS of $1.82 on revenue of $3.68B, according to First Call. Consensus range for EPS is $1.71-$2.03 on revenue of $3.6B-$3.94B... LAST QUARTER: Western Digital reported Q1 EPS of $2.36 against estimates for $2.30 on revenue of $4B against estimates for $3.98B. On its Q1 earnings call, Western Digital lowered its Q2 adjusted EPS guidance to $1.65-$1.85, numbers lower than then-current estimates for $2.43. The company also guided lower on revenue, seeing $3.55B-$3.7B for Q2 against then-current estimates for $4.13B. On its Q1 call, the company said it is still targeting FY13 adjusted EPS of $10, though it said the PC industry is very weak and global macroeconomic weakness is impacting overall IT spending... STREET RESEARCH: Street research has been mixed on Western Digital since its Q1 earnings report, with shares downgraded to Underperform from Outperform at CLSA the day after its Q1 report. Last week, shares of Western Digital were initiated with a Sector Perform rating at Pacific Crest and downgraded to Hold from Buy at Standpoint Research... PRICE ACTION: Shares of Western Digital have gained more than $11.50, or over 32%, since the first day of trading after its Q1 earnings report. In afternoon trading ahead of its Q4 report, shares of Western Digital are down 0.7%.
News For WDC From The Last 14 Days
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May 28, 2015
14:21 EDTWDCWestern Digital shares jump after Goldman Sachs upgrade
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10:02 EDTWDCOn The Fly: Analyst Upgrade Summary
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09:27 EDTWDCOn The Fly: Pre-market Movers
HIGHER: Rally Software (RALY), up 44% after deal to be bought by CA Technologies for $19.50 per share... IMAX (IMAX), up 6.5% after IMAX China files application for IPO on Hong Kong Stock Exchange... Avago (AVGO), up 2.8% after announcing deal to buy Broadcom (BRCM) for $37B in cash and stock. Broadcom shares are down 1% following the announcement... Western Digital (WDC), up 2.4% following upgrade to Buy from Neutral at Goldman. UP AFTER EARNINGS: Express (EXPR), up 8%... Abercrombie & Fitch (ANF), up 4.3%. LOWER: NeoStem (NBS), down 22.8% after 12.5M share secondary price at $2 per share... Ctrip.com (CTRP), down 1.6% after reportedly disclosing cyberattack against its services. DOWN AFTER EARNINGS: Orbital ATK (OA), down 1.6%... Signet (SIG), down 3.5%... Sanderson Farms (SAFM), down 3%... Dangdang (DANG), down 11%.
05:53 EDTWDCWestern Digital upgraded to Buy from Neutral at Goldman
Goldman Sachs analyst Bill Shope upgraded Western Digital (WDC) to Buy from Neutral saying concerns over the weak PC market are overdone. Shope points out that Western Digital's business is increasingly dependent on non-PC Exabyte growth. He also notes Goldman's leveraged buyout model finds a 14.3% base case internal rate of return. The analyst raised his price target for shares to $122 from $106. The data storage solutions company closed yesterday up $1.18 to $94.37. Its peer Seagate (STX), which Shope says Western Digital trades at a discount to, closed yesterday up 75c to $55.34.
May 19, 2015
12:55 EDTWDCPC related stocks struggle after Morgan Stanley says PC turn won't come until Q3
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08:33 EDTWDCMorgan Stanley cautious in near-term on PC names
Morgan Stanley is more cautious on PC names near-term, given PC and HDD inventory builds quarter-to-date and weaker April ODM sales. The firm's analyst team continues to believe Q1 was a bottom in year-over-year growth, but now expects normal Q2 seasonal growth instead of above normal and thinks any recovery will likely be delayed until Q3. Morgan Stanley is cautiously optimistic on Western Digital (WDC) due to its diverse revenue drivers, sees value creation catalysts for Hewlett-Packard (HPQ) and believes Microsoft (MSFT) shares reflect the challenging PC market and Win 10. The firm is more cautious on semis such as NVIDIA (NVDA) given higher valuations, share loss at Advanced Micro (AMD), potential 2H margin pressure at Intel (INTC), and Morgan is cautious on PC DRAM stocks near-term due to weaker pricing.
May 15, 2015
07:04 EDTWDCWestern Digital can reach $10+ EPS in fiscal 2017, says RBC Capital
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