Why Western Digital Is Down 13.8% This Week
Shares of hard disk drive and NAND flash chip producer Western Digital (NASDAQ: WDC) slid 13.8% this week, eclipsing the decline of the tech market overall.
All stocks, and especially technology stocks, took a big hit after Tuesday's consumer price index (CPI) came in hotter than expected. However, the downturn was compounded by management's appearance at the Goldman Sachs Communacopia & Technology conference on Monday. In it, management gave a pretty somber update on Western Digital's near-term business outlook.
At the conference on Monday, CEO David Goeckeler said the macroeconomic environment had become incrementally worse, even since the company gave a bearish outlook in its Aug. 5 earnings release and conference call.
Source Fool.com
