On August 24, Western Digital declined 3.1% overnight, trading at $445.21/share, with turnover of $14.09 million. The decline came amid a broad sell-off across global storage giants triggered by disappointing forward guidance.

Western Digital and SanDisk simultaneously released their latest earnings reports. SanDisk posted fourth fiscal quarter revenue of $89.7 billion and adjusted earnings per share of $39.25, both exceeding market expectations of $83.9 billion and $34.45, respectively. However, the midpoint of the current quarter profit guidance came in below expectations from certain data providers, sparking significant selling pressure across the sector. In pre-market trading, SanDisk plunged approximately 8%, Western Digital dropped 11%, SK Hynix fell over 10%, and Samsung Electronics declined more than 6%.

Within the Technology Hardware, Storage & Peripherals sector, storage names bore the brunt of the sell-off. SanDisk fell 4.39%, Seagate Technology declined 3.23%, Dell Technologies dropped 1.97%, and Super Micro Computer slid 1.69%, while Apple was roughly flat at 0.01%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)