Western Digital posted mixed fiscal fourth-quarter results
Western Digital Corp (NASDAQ:WDC) stock is sliding today, down 9.5% at $60.70 at last glance, after the computer hardware name’s fiscal fourth-quarter revenue miss and disappointing guidance. The company reported better-than-expected earnings of $1.44 per share, however, much better than the losses of $1.99 per share from the same quarter a year ago.
Should these losses hold, WDC will mark its worst single-session percentage drop since December 2022. The negative price action has the stock hitting its lowest levels since March, and removing itself quite a bit from its recent June 18 six-year high of $81.55, though still up 19% since the start of 2024.
Over in the options pits, 17,000 calls and 8,379 puts have been exchanged, which is four times the overall volume typically seen at this point. The August 72.50 call is the most active contract, with new positions being sold to open there.
The skew toward calls isn’t unusual, as the options pits have been overwhelmingly bullish over the past 10 weeks. This is per WDC’s 50-day call/put volume ratio of 8.23 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than all other readings from the past year.