PSTG - Why Pure Storage Was Rallying Today
2023-11-29 15:19:00 ET
Shares of Pure Storage (NYSE: PSTG) were on the rise today, up 6.4% as of 2:06 p.m. EST. The company, which makes storage-related software and hardware for enterprise, hybrid, and cloud-data centers, got a lift today after rival NetApp (NASDAQ: NTAP) reported better-than-expected earnings and guidance last night.
Pure Storage will report after market close today, so investors may be trying to get in ahead of more good news.
The enterprise-storage industry has been in a bad slump for the past year to 18 months; however, NetApp's better-than-feared results and guidance for some quarter-over-quarter improvements seem to indicate the industry is troughing and may be turning up.
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Why Pure Storage Was Rallying Today