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Tread Carefully With ETFs With Hard Disk Drive Exposure

It is tough to malign hard disk drive makers such as Seagate Technology (NYSE:STX) and Western Digital (NYSE:WDC).Year-to-date, Seagate is up 26 percent while Western Digital has surged over 33 percent. By comparison, the PowerShares QQQ (NASDAQ:QQQ) is up "just" 8.8 percent. Still, some analysts are not overly enthused with the outlook for hard disk drive makers."Worldwide HDD shipments declined for the second consecutive year in 2012, but for only the third time since 2001," said S&P Capital IQ in a new research note. "According to independent firm IDC (as of April 2013), assuming the PC market can rebound in the second half, shipments should grow by 2.2% in 2013 and at a compound annual rate of 2.1% for 2012 to 2017. Given a modest pricing decline, IDC predicts hard disk drive revenue to decline at a 0.6%compounded annual growth rate (CAGR) from 2012 to 2017."The culprit behind waning HDD demand, as S&P sees it, is increased demand for tablets."We think lower HDD shipments going for...

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