Western Digital Advancing on Upbeat Quarter
24-Jan-13 12:00 ET
[BRIEFING.COM] The major averages saw little change in recent trade. The S&P 500 continues to hover within points of 1500, and the Nasdaq is off by 0.1%. The tech-heavy index has staged a notable recovery off early session lows after Apple (AAPL 461.05, -52.95) reported earnings which disappointed the market.
While Apple continues to trade lower by 10%, other tech stocks are seeing relative strength. Hard drive makers Seagate (STX 36.96, +0.34) and Western Digital (WDC 48.86, +1.79) are outperforming after Western Digital beat on earnings and revenue. The two stocks have soared in recent weeks with WDC rallying more than 40% prior to yesterday's quarterly report.