Western Digital Corp (NASDAQ:WDC) is sporting an impressive 13.5% pre-market lead, joining the memory sector in a post-earnings halo lift from peer Micron Technology (MU). Should these gains hold, the equity will snap a three-day losing streak and resume its climb back near its June 18 record high of $799.87. So far in 2026, WDC has outperformed, boasting a 273% lead.
Despite the stock's ascension on the charts, options traders have leaned bearish. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), WDC stock's 50-day put/call volume ratio ranks in the 96th annual percentile. Echoing this is the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.34, which ranks in the 98th percentile of readings from the past year.
Shorts continue to pile on, with short interest up 9.4% during the past two reporting periods. This accounts for 9.3% of the stock's available float, or four days' worth of pent-up buying power.
