Actionable news
0
All posts from Actionable news
Actionable news in WDC: Western Digital Corporation,

Western Digital (WDC) Stock Falls on Seagate's Warning

NEW YORK (TheStreet) -- Shares of Western Digital (WDC - Get Report) were falling by 2.4% to $81.17 on heavy trading volume on Thursday afternoon, following competitor Seagate's (STX) fiscal first quarter warning.

Seagate is now expecting revenue of about $2.9 billion and a gross margin of about 24% for the first quarter of fiscal 2016. The company previously expected revenue of $2.9 billion to $3.1 billion with a gross margin of about 27%.

Analysts expect Seagate to report revenue of $3.03 billion for the fiscal first quarter.

Exclusive Look Inside: You see Jim Cramer on TV. Now, see where he invests his money. Check out his multi-million dollar portfolio and discover which stocks he is trading. Click here to see the holdings for 14-days FREE.

Seagate expects to report unit shipments of about 47 million for the fiscal first quarter, maintaining a 40% market share.

The lower estimates are due to lower than expected intra-quarter demand for its 4TB and 6TB nearline HDD products, the company said. Seagate expects to announce its 8TB nearline HDD products in September, which is believes will...


More