Western Digital (WDC) Soars to Fresh High on Q3 Earnings

We recently published 10 Stocks Defying Wall Street Slump; 8 Hit Fresh Highs. Western Digital Corp. (NASDAQ:WDC) is one of the best-performing stocks on Thursday.

Western Digital bounced back on Wednesday to reach a new all-time high as investors took early positions ahead of the release of its earnings performance which came out after market close.

During the session, Western Digital Corp. (NASDAQ:WDC) soared to its highest price of $145.68 before paring gains to finish the day just up by 13.18 percent at $141.38 apiece.

Optimism was further supported by a bullish comment from private investment firm Lynx, recommending investors to take long positions ahead of the earnings call.

According to Lynx, Western Digital Corp. (NASDAQ:WDC) stands to benefit from the long one-year average lead time to secure high capacity hard disk drives that are preferred by hyperscale cloud service providers, adding that no delivery improvements are expected soon.

Such strong demand has helped propel the company’s 50.7 percent jump in revenues over the past year to $9.52 billion.

Lynx said that the supply constraints created a significant pent-up demand among enterprise customers, which could keep sales strong moving forward.

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Disclosure: None. This article is originally published at Insider Monkey.