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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Riding the positive momentum in the chip sector, Western Digital (WDC) surged 13.5% in pre-market trading on Thursday, propelled by Micron's (MU) strong earnings released after Wednesday's close. According to Schaeffer's Research, the move was driven by heightened risk appetite for memory stocks, as Micron's upbeat results reinforced sector growth narratives.
Micron reported fiscal third-quarter earnings and revenue that beat analyst estimates, sending its own shares up over 10% in after-hours trading, per market data. Western Digital's rally comes amid the broader semiconductor sector, where demand for storage solutions is rising due to the AI boom, with analysts increasingly optimistic about memory-related companies.
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Sign InWDC closed at $643.83 on June 24, with a high of $665 and a low of $612.41. If the positive momentum carries into the regular session, the stock may test the $665 resistance level. On the downside, the $612.41 low offers potential support. Investors are watching for any official statements from the company or further sector developments in the coming days.