NEW YORK, NY / ACCESSWIRE / June 15, 2017 / U.S. markets dipped Wednesday after the Federal Reserve announced its decision to raise interest rates. The Dow Jones Industrial Average gained 0.22 percent to close at 21,374.56 and the S&P 500 Index declined 0.10 percent to close at 2,437.92. Consumer-staples and Utilities were the top gaining sectors in the S&P 500 Index on Wednesday with gains of 0.5 percent, while the Energy Sector was biggest loser with a decline of approximately 2 percent.

"Many hoped the Fed would give details about the unwinding of the balance sheet, like how much and how soon and at what pace. But the Fed was vague, only saying it will start to 'shrink gradually' sometime this year. They gave themselves a lot of leverage to shrink the balance sheet as they see fit," said JJ Kinahan, Chief Market Strategist at TD Ameritrade. "When a rate hike probability is at 99%, it is very difficult to have a big reaction after the announcement," he said.

RDI Initiates Coverage on:

Seagate Technology
https://ub.rdinvesting.com/news/?ticker=STX

Western Digital Corp.
https://ub.rdinvesting.com/news/?ticker=WDC

Seagate Technology's stock moved 1.78% lower Wednesday, to close the day at $41.28. The stock recorded a trading volume of 3.92 million shares. In the last year, Seagate Technology PLC's shares have traded in a range of $20.76 - $50.96. The share price has gained 98.80% from its 52 week low. The company's shares are currently trading below their 200-day moving average. Moreover, the stock's 50-day moving average of $42.86 is below its 200-day moving average of $43.45. Shares of the company are trading at a Price to Earnings ratio of 16.99. Seagate reported revenues were $2.67 billion for the third quarter of fiscal 2017, an increase of 3 percent year-over-year, but short of consensus estimates of $2.71 billion. Shares of Seagate Technology have gained approximately 8.15 percent year-to-date.

Access RDI's Seagate Technology Research Report at:
https://ub.rdinvesting.com/news/?ticker=STX

On Wednesday, shares of Western Digital recorded a trading volume of 4.23 million shares, higher than the average daily volume of 3.66 million shares. The stock ended the day 2.50% lower at $87.80. The share price has gained 110.85% from its 52 week low with a 52 week trading range of $41.64 - $92.50.The company's shares are currently trading above their 200-day moving average. Moreover, the stock's 50-day moving average of $88.76 is greater than its 200-day moving average of $78.54. Western Digital reported revenues were $4.65 billion for the third quarter of fiscal 2017, up from revenues of $2.8 billion reported in the third quarter of fiscal 2016. Shares of Western Digital have gained approximately 29.21 percent year-to-date.

"We reported strong financial performance in the March quarter, enabled by excellent operational execution by our team in a healthy market environment with good demand for all NAND based products, as well as for capacity enterprise and client hard drives," said Steve Milligan, Chief Executive Officer. "We also achieved targeted cost and efficiency improvements and improved our liquidity position with strong cash flow generation."

Access RDI's Western Digital Steel Research Report at:
https://ub.rdinvesting.com/news/?ticker=WDC

Our Actionable Research on Seagate Technology PLC (NASDAQ: STX) and Western Digital Corp. (NASDAQ: WDC) can be downloaded free of charge at Research Driven Investing.

Research Driven Investing

We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.

RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.

Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Hemal K. Gandhi, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

CONTACT

For any questions, inquiries, or comments reach out to us directly at:

Address:

Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011

Email:

contact@rdinvesting.com

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: RDInvesting.com