Here's Why Western Digital (WDC) Fell More Than Broader Market

Western Digital (WDC) closed the latest trading day at $64.87, indicating a -1.19% change from the previous session's end. The stock's change was less than the S&P 500's daily loss of 1.11%. Meanwhile, the Dow lost 0.42%, and the Nasdaq, a tech-heavy index, lost 1.89%.Coming into today, shares of the maker of hard drives for businesses and personal computers had lost 7.2% in the past month. In that same time, the Computer and Technology sector gained 1.83%, while the S&P 500 lost 1.7%.The upcoming earnings release of Western Digital will be of great interest to investors. The company's earnings per share (EPS) are projected to be $1.87, reflecting a 371.01% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $4.28 billion, indicating a 41.08% upward movement from the same quarter last year.Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $7.14 per share and revenue of $16.64 billion, indicating changes of +3670% and +27.99%, respectively, compared to the previous year.Investors should also pay attention to any latest changes in analyst estimates for Western Digital. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 4.52% lower. Western Digital presently features a Zacks Rank of #5 (Strong Sell).In terms of valuation, Western Digital is presently being traded at a Forward P/E ratio of 9.19. This valuation marks a discount compared to its industry's average Forward P/E of 13.43.The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 237, this industry ranks in the bottom 6% of all industries, numbering over 250.The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Western Digital Corporation (WDC): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks