Western Digital's Stock Dragged Down By Rival Seagate

Shares of Western Digital slumped 8% in morning trade Monday, making them the second-biggest decliner among S&P 500 components, after fellow disk-drive maker Seagate Technology's disappointing results and outlook made its stock the biggest S&P 500 decliner. Western Digital reports fiscal second-quarter results after Tuesday's close. The stock is on an early track to close at the lowest level since Nov. 11. Volume was 2.5 million shares a little over an hour after the open, already exceeding the full-day average of about 1.9 million shares, according to FactSet. Meanwhile, Seagate's stock tumbled 10% to a three-month low, after its fiscal second-quarter report. And on the conference call, Seagate said it expected revenue of at least $3.45 billion for the March quarter, compared with the FactSet consensus analyst estimate of $3.59 billion.