On August 24, Western Digital fell 3.16% in regular trading, trading at $441.045/share, with turnover of $160 million. The decline came as storage peer SanDisk issued current-quarter profit guidance with a midpoint below some data institutions' expectations, triggering broad-based selling across storage chip stocks.
SanDisk reported fourth fiscal quarter revenue of $8.97 billion and adjusted earnings per share of $39.25, both exceeding market expectations. However, its forward profit guidance range fell short of certain analyst projections, prompting significant selling pressure. Within the Technology Hardware, Storage & Peripherals sector, SanDisk dropped 8.81%, Seagate Technology declined 4.26%, and Super Micro Computer fell 3.84%. Western Digital, as a core NAND Flash player, moved in sympathy with the broader storage sector weakness.
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