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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.

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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...