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Western Digital Stocks Will Rebound After Weak After Earnings Performance?

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western digital corp stock (NASDAQ
NDAQ
: WDC) fell 8.2% over the past week (five trading days), underperforming the S&P 500, which rose 0.4% over the period. Furthermore, when you look at the changes over the past ten days and one month, the stock has delivered returns of -0.8% and 3.8%, underperforming the broader markets on both occasions. WDC reported first quarter 2023 earnings in early November, with revenues of $3.74 billion, much less than the $5.05 billion in Q1 22 (WDC’s fiscal year ends in June). In addition, COGS and operating expenses are declining much more slowly than sales, with operating income falling from $778 million to $158 million during the period. Finally, with a much higher effective tax rate, net income declined and earnings per share fell to $0.09, down from $1.97 in Q1 ’22.

Now, will WDC stock continue its bad run or can we expect an uptick? We believe WDC stock has 54% average upside potential over the next month (21 trading days) based on our machine learning analysis of stock price trends over the past decade. see our analysis WDC shares are likely to riseFor more information on the company’s historical returns and peer comparisons, visit Western Digital stock returns,

21 days: WDC 3.8%, vs. S&P500 5.6%; underperforming market

(38% chance of occurrence; 54% chance of increase in next 21 days)

  • WDC stock Up 3.8% Over the last 21 trading days (one month), up 5.6% compared to the broad market (S&P500)
  • A change of 3.8% or more in 21 trading days is an event with a probability of 38%, which has occurred 954 times out of 2516 in the last 10 years.
  • Of these 954 instances, the stock has seen positive movement 519 times in the next 21 trading days
  • it points to one 54% chance that the stock will rise in the next 21 trading days

10 days: WDC -0.8%, vs S&P500 4.7%; underperforming market

(41% chance of event; 54% chance of increase in next 10 days)

  • WDC stock fell marginally 0.8% Over the last ten trading days (two weeks), an increase of 4.7% against the broad market (S&P500)
  • A change of -0.8% or more over ten trading days is an event with a probability of 41%, which has occurred 1032 times out of 2518 in the last 10 years.
  • Of these 1032 instances, the stock has seen positive movement 554 times in the next ten trading days
  • it points to one 54% chance that the stock will rise in the next 10 trading days

Day Five: WDC -8.2%, vs S&P500 0.4%; underperforming market

(8% chance of occurrence; 47% chance of increase in next five days)

  • WDC stock lost 8.2% over the five-day trading period ending 11/22/2022, compared to the broader market (S&P500), which rose 0.4% over the period.
  • A change of -8.2% or more in five trading days (one week) is an event with a probability of 8%, which has occurred 200 times out of 2518 in the last 10 years.
  • Of these 200 instances, the stock has seen positive momentum 94 times over the next five trading days.
  • it points to one 47% chance the stock will go up in the next five trading days.

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