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At the time of this writing, Western Digital (WDC) was down 3% to $32.91. The data-storage entity reported fiscal second-quarter numbers yesterday after the bell; how should we take the price action today in light of that event?Well, according to Bloomberg, net income dropped 48% to 96 cents per share. While that doesn't offer any satisfaction for shareholders, this just might: earnings were projected by analysts to be 61 cents per share. The cited article says that investors sent the shares up over 5% on the news during Tuesday's extended-hours session.
That was then, this is now. We have to deal with the negative price action. Should we consider Western Digital a buy on the dip?
Volume backing the trade is fairly strong, so there's that element to consider. Looking at the twelve-month chart, one almost gets the sense that the stock had bottomed out back near the end of August of last year.
The shares may go sideways for a while, but I would have no problem throwing this name on a watch list. I can't say I'm overly excited about the thesis, however. Besides what I'm seeing with the price movement, I just think there may be better alternatives out there in the tech sector. As an example, I'm happy owning Microsoft (MSFT) right now.
Study the behavior of the stock over the next few sessions to get an indication of possible direction. I don't believe there is any compelling reason to jump in today.
Disclosure: I own Microsoft; positions can change without notice.
Volume backing the trade is fairly strong, so there's that element to consider. Looking at the twelve-month chart, one almost gets the sense that the stock had bottomed out back near the end of August of last year.
The shares may go sideways for a while, but I would have no problem throwing this name on a watch list. I can't say I'm overly excited about the thesis, however. Besides what I'm seeing with the price movement, I just think there may be better alternatives out there in the tech sector. As an example, I'm happy owning Microsoft (MSFT) right now.
Study the behavior of the stock over the next few sessions to get an indication of possible direction. I don't believe there is any compelling reason to jump in today.
Disclosure: I own Microsoft; positions can change without notice.
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