WDC - Dow Surges Over 500 Points; Western Digital Announces Plan To Split Into Two Companies | Benzinga
U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 500 points on Monday.
The Dow traded up 1.67% to 32,959.68 while the NASDAQ rose 1.25% to 12,800.95. The S&P 500 also rose, gaining, 1.23% to 4,167.91.
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Leading and Lagging Sectors
Communication services shares jumped by 2.3% on Monday.
In trading on Monday, energy shares fell by 0.1%.
Top Headline
Western Digital Corp (NASDAQ: WDC) reported upbeat first-quarter results and announced a plan to separate its HDD and Flash businesses.
Western Digital reported a first-quarter FY23 revenue decline of 26% year-on-year to $2.75 billion, beating the consensus of $2.65 billion. The company clocked an adjusted EPS loss of $(1.76), beating the consensus loss of $(1.90).
The company’s board unanimously approved a plan to separate its HDD and Flash businesses.
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