Western Digital shares are trading lower following a Nikkei report suggesting the company and Kioxia have scrapped memory merger talks. The stock is also under pressure after Seagate reported a Q1 revenue miss.
Portfolio Pulse from Benzinga Newsdesk
Western Digital and Kioxia have reportedly ended merger talks, according to a Nikkei report. Additionally, Western Digital's stock is under pressure following Seagate's Q1 revenue miss.
October 26, 2023 | 3:28 pm
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NEGATIVE IMPACT
Seagate's Q1 revenue miss is putting pressure on Western Digital's stock.
Seagate's Q1 revenue miss is a negative indicator for the sector, which could indirectly affect Western Digital's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Western Digital's stock is under pressure due to the termination of merger talks with Kioxia and Seagate's Q1 revenue miss.
The termination of merger talks with Kioxia and Seagate's Q1 revenue miss are negative news for Western Digital. This could lead to a decrease in the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100