Western Digital's (NASDAQ: WDC) stock recently plunged after the hard drive maker followed up a first-quarter earnings beat with mixed guidance and the announcement that CEO Steve Milligan would retire. However, investors seemed to ignore some clear signs that this cyclical data storage stock is finally on the cusp of a turnaround.
Western Digital is the world's top maker of platter-based HDDs (hard disk drives). HDDs face tough competition from flash-based SSDs (solid-state drives), which are smaller, faster, more power-efficient, and less prone to damage.
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