: S&P reduces Western Digital credit outlook on soft smartphone, PC demand


Western Digital Corp. WDC, -1.08% shares slipped Friday as the data-storage device company’s outlook was reduced by S&P Global Ratings, which held onto its “BB” issuer credit rating. S&P reduced Western Digital’s outlook to negative from stable reflecting “increased risk of a downgrade” over the next 12 months. “Continued inventory digestion at hyperscale data center customers and soft demand from smartphone and PC markets have extended recovery past our original expectations,” S&P said in a statement. Western Digital shares declined 1.7%, while the S&P 500 index SPX, -0.14% was down 0.4%.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleHelp My Career: Pay ranges on job listings are widening. It’s a ‘double-edged sword’ for job seekers, one economist says
Next articleDeep Dive: Tech-stock picks that are small and focused: This fund invests in unsung innovators. Here are 2 top choices.


Please enter your comment!
Please enter your name here