On July 16, Western Digital fell 4.02% in pre-market trading, trading near $492.74/share, with turnover of approximately $3.14 million. The decline extends a brutal multi-day sell-off across the global storage chip sector.
The continued weakness stems from undigested selling pressure triggered by Korean brokerage KIS's downgrade of SK Hynix's Q2 earnings forecast to 60.4 trillion won, roughly 8% below the market consensus of 65 trillion won. SK Hynix plunged 15.4% in Korea — its largest single-day drop ever — with contagion spreading to U.S.-listed storage names. On July 15, Western Digital, Micron, and SanDisk each fell over 8%, while SK Hynix ADR dropped 9%.
Compounding the pressure, the Fed Chair's hawkish commentary on persistent inflation triggered a broad retreat in risk appetite, accelerating profit-taking in storage stocks that had accumulated substantial prior gains. Peer SanDisk fell 5.16% and Seagate declined 3.06% in the same session. Despite recent target price upgrades from Citi ($800), Wells Fargo ($730), and BNP Paribas ($660), short-term fund outflows continue to dominate price action.
(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.)
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