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Western Digital Corporation (WDC): Today's Featured Technology Winner

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

Western Digital Corporation ( WDC) pushed the Technology sector higher today making it today's featured technology winner. The sector as a whole closed the day up 0.6%. By the end of trading, Western Digital Corporation rose $1.57 (4%) to $41.17 on average volume. Throughout the day, 4.9 million shares of Western Digital Corporation exchanged hands as compared to its average daily volume of 3.6 million shares. The stock ranged in a price between $40-$41.44 after having opened the day at $40 as compared to the previous trading day's close of $39.60. Other companies within the Technology sector that increased today were: Daqo New Energy ( DQ), up 16.9%, Suntech Power Holdings ( STP), up 16.8%, DynaVox ( DVOX), up 13%, and Renewable Energy Trade Board ( EBOD), up 12.8%.

  • EXCLUSIVE OFFER: Jim Cramer's Protégé, Dave Peltier, only buys Stocks Under $10 that he thinks could potentially double. See what he's trading today with a 14-day FREE pass.

Western Digital Corporation, through its subsidiaries, engages in the development, manufacture, and sale of storage products that enable people to create, manage, experience, and preserve digital content. The company principally offers hard drives comprising 3.5-inch and 2.5-inch form factors. Western Digital Corporation has a market cap of $9.27 billion and is part of the computer hardware industry. The company has a P/E ratio of five, below the S&P 500 P/E ratio of 17.7. Shares are up 22.9% year to date as of the close of trading on Tuesday. Currently there are seven analysts that rate Western Digital Corporation a buy, one analyst rates it a sell, and 10 rate it a hold.

TheStreet Ratings rates Western Digital Corporation as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.

On the negative front, China Mobile Games and Entertainment Group ( CMGE), down 18%, PLX Technology ( PLXT), down 18%, Pulse Electronics ( PULS), down 7.9%, and Symmetricom ( SYMM), down 7.5%, were all laggards within the technology sector with NXP Semiconductor ( NXPI) being today's technology sector laggard.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the technology sector could consider Technology Select Sector SPDR ( XLK) while those bearish on the technology sector could consider ProShares Ultra Short Technology ( REW).

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