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Actionable news in WDC: Western Digital Corporation,

Here's Why Western Digital (WDC) Stock Is Plunging Today

NEW YORK (TheStreet) -- Western Digital (WDC - Get Report) stock is tumbling by 9.02% to $40.76 in early-morning trading on Thursday, after rival data storage solutions company Seagate (STX) warned that it expects 2016 third quarter earnings to be below estimates.

Seagate announced late Wednesday that it expects to report revenue of $2.6 billion for the most recent quarter, down from its previous estimate of $2.7 billion. Analysts are looking for revenue of $2.69 billion.

The company anticipates that adjusted gross margins will be roughly 23%, down from prior estimates of 25.6%.

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