Western Digital’s stock surges to pace the S&P 500’s winners after rival Samsung has to ‘adjust’ operations due to COVID

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Shares of Western Digital Corp. WDC,
+5.50%
It was a sixth-straight gainer on Wednesday, up 5.6 per cent in afternoon trading, enough to make the data storage company’s stock the biggest gainer among the S&P 500 SPX.
+0.09%
Component. Benchmark analyst Mark Miller said he believes the rally is being driven by South Korea-based rival Samsung Electronics Co Ltd’s 005930.
-1.42%
announced that it had to “temporarily adjust operations” at its manufacturing facilities in Xi’an, China, to move its plant to Xian, China as a result of the “ongoing COVID-19 situation”. Miller reiterated the buy rating on Western Digital’s stock for at least the past 2 1/2 years, and placed his stock price target at $92, meaning TK% above current levels. The stock, which was poised to close the highest since August 11, has risen 18.7% during its current winning streak, which will be the longest since the six-day stretch ended February 19. The stock’s rally comes in the form of SPDR technology on Wednesday. Select Sector XLK,
-0.07%
The S&P 500 was up 0.1% while the S&P 500 slipped 0.1%.

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