Western Digital (WDC) Stock Jumping in After-Hours Trade on CFO Transition
NEW YORK (TheStreet) -- Western Digital (WDC) - Get Report stock is higher by 3.17% to $46.90 in after-hours trade after the company announced that its CFO, Olivier Leonetti, would be leaving starting in September.
Succeeding him will be Mark Long, the company's executive vice president and chief strategy officer.
Leonetti is leaving the company "to pursue other opportunities," Western Digital announced in a statement.
"I cannot think of a more exciting time to step into this position as we integrate and evolve," Long said. "There are significant opportunities ahead of us as we come together and strive to reach our potential as the leading storage solutions provider."
The company also announced that it is adjusting its fourth fiscal quarter forecast to $3.46 billion, up from $3.35 billion to $3.45 billion. The increase reflects Western Digital's acquisition of SanDisk (SNDK) in May of this year.
Western Digital is an Irvine, CA-based data storage company.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
However, TheStreet Ratings also finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.
You can view the full analysis from the report here: WDC
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.