WDC - How Western Digital Rose 6.9% During a Terrible April for the Markets
Shares of Western Digital (NASDAQ: WDC) rose 6.9% in April, according to data from S&P Global Market Intelligence . The feat was all the more remarkable when you consider the S&P 500 was down 8.8% in April, and technology stocks were generally much lower than that.
Of course, Western Digital isn't your average tech stock. It produces digital storage technologies, including hard disk drives (HDDs) and NAND flash. Those are commodity-like products, so amid today's shortages of semiconductors and other data chips, prices have been resilient. Since Western Digital is viewed as a commodity producer, it's also valued much more cheaply than other tech stocks.
Late in the month, Western Digital delivered a positive earnings report, while also giving above-consensus guidance.
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How Western Digital Rose 6.9% During a Terrible April for the Markets