Western Digital Stock Jumps 10% on Favorable Report by Value Line

By DON LEE

July 30, 1994 12 AM PT

IRVINE —

Western Digital Corp.’s stock price jumped 10% Friday on heavy trading on the New York Stock Exchange, a $1.375-a-share boost the company attributed to a highly favorable report issued earlier in the day by Value Line, a respected publication for investors.

Shares of the Irvine-based maker of disk drives closed at $15.25 as more than 1.8 million shares changed hands, several times the stock’s usual trading volume.

In its report, Value Line gave Western Digital high marks overall.

The publication gave Western Digital stock its top ranking for timeliness--the equivalent of a strong “buy” recommendation.

The report predicted that the company will have a strong gain in earnings per share for its fiscal 1995, in part due to demand for the company’s new one-gigabyte and 730-megabyte drives.

Technology and the Internet

Don Lee

Don Lee writes economic stories out of Washington, D.C. Since joining the Los Angeles Times in 1992, he has served as the Shanghai bureau chief and in various editing and reporting roles in California. Lee previously worked at the Kansas City Star. He is a native of Seoul, Korea, and graduated from the University of Chicago.

Western Digital Stock Jumps 10% on Favorable Report by Value Line

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