00:00Western Digital plunged 6.90% today amid Toshiba fears.
00:06Western Digital makes hard disk drives and storage systems used by cloud data centers and businesses to store large amounts
00:14of data.
00:16Western Digital declined 6.9% today, and one factor cited was concern involving Toshiba.
00:24Yahoo reported that Western Digital and Seagate had sold off on those fears,
00:28although Wells Fargo analysts described the decline in both stocks as well overdone and remained bullish.
00:36That contrast is the important part.
00:39The concern was strong enough to pressure storage shares,
00:42but the analyst response suggested disagreement over whether the magnitude of the sell-off matched the underlying risk.
00:51Technology fell 3.04% today, so this went much further than the sector did.
00:57More on storage and memory, full recap linked.
