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Why Western Digital Stock Crashed, and Intel and Qualcomm Followed Today
In early trading, shares of Western Digital (NASDAQ: WDC), a manufacturer of computer hard disk drives and solid state drives, plunged more than 10%. Worse, the damage seems to be spreading throughout the computer hardware industry, with shares of semiconductors specialist Intel (NASDAQ: INTC) tumbling 3.3%, and Qualcomm (NASDAQ: QCOM) following everyone else lower — down 3.8%. This morning, Goldman Sachs (NYSE: GS) downgraded Western Digital stock from neutral to sell and cut its price target 28% to just $31 a share.
