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Western Digital stock fell Friday after the data storage company that recently rebranded as WD reported fiscal third-quarter results. The San Jose, Calif.-based WD said that it earned an adjusted $2.72 per share for the April 3-ended quarter, up 97% from a year earlier. WD and its rival Seagate dominate the market for hard-disk drives.
In the last week, the United States market has stayed flat, although it is up 29% over the past year with earnings forecasted to grow by 16% annually. In such a climate, identifying stocks that might be trading below their estimated value can offer potential opportunities for investors seeking to capitalize on future growth.
Sandisk forecast quarterly revenue above estimates on Thursday, joining peers Western Digital and Seagate in signaling that enterprise spending on data storage products used in artificial intelligence data centers remains strong. Sandisk shares, which have risen about 350% this year, fell over 6% in extended trading, following a sharp AI-driven rally in storage stocks earlier this week sparked by Seagate's strong forecast. Western Digital, whose shares have more than doubled this year, also slipped nearly 8% even as it forecast quarterly revenue above estimates.
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