WDC Surges 13%

Western Digital Corp. ’s (NASDAQ: MU ) stronger-than-expected quarterly results and bullish outlook boosted sentiment across the memory and storage sector. 7% before the opening bell. 46 billion.

The company also forecast fiscal fourth-quarter adjusted earnings of about $31 per share on roughly $50 billion in revenue. The strong outlook reinforced expectations for sustained demand across the memory market and helped lift other storage-related stocks, including Western Digital and SanDisk Corp. (NASDAQ: SNDK ). Read Also: Is Micron Still Cheap Post-Earnings?

How $100 Billion In Contracts Is Making Cyclical Skeptics 'Offsides' Western Digital Technical Picture Remains Bullish Western Digital remains in a strong long-term uptrend. 00. The 20-day average remains above the 50-day average, while the 50-day average remains above the 200-day average, reinforcing the longer-term bullish trend. Momentum indicators also remain constructive.

The MACD is above its signal line and the histogram is positive, suggesting buying momentum is strengthening. 87. 54. Earnings And Analyst Outlook Western Digital is expected to report quarterly results on or around July 29.

60 billion in the prior-year quarter. 5 times earnings and carries a consensus Buy rating. Recent analyst actions include Morgan Stanley and JPMorgan raising their price forecasts to $650, while Mizuho lifted its price forecast to $685 earlier this month. 9, reflecting strong price performance and solid underlying fundamentals.

77, suggesting investors have already priced in much of the expected improvement in the storage cycle. ETF Exposure Western Digital is a notable holding in several exchange-traded funds, including the Roundhill Memory ETF (NASDAQ: DRAM ), Castellan Targeted Equity ETF (NASDAQ: CTEF ) and iShares Large Cap Value Active ETF (NYSE: BLCV ). Changes in fund flows could influence demand for the stock. 00 during premarket trading on Thursday, according to Pro data.

Photo via Shutterstock Read Also: Intel's Apple-Driven Surge Gets A Harsh Verdict: 'It's Becoming A Meme Stock'