Big boys are not in the line up this morning. Maybe they are hoping for a huge drop so they can then acquire a suppressed prices again. Only a small/dumb investor would sells their position on this situation. If you have held this stock up until today you should just stick it out.
I agree with u because all the news was positive.Even Chuck Schwab research has a positive write up on WDC and STX.It's really weird how this stock can't break over $26 which is where I bot 2 weeks ago.
Yesterday's economic data was positive, yet the market went down strongly. Personal income was up 0.2%. Sure that seems little. But it is in the opposite direction of drop in employment. Similarly, personal spending was up 0.4%, which is also in the opposite direction of a reduced GDP. (though imports cloud the picture there, However, with oil prices lower, imports should also be lower).
Anyway, it has been impossible to correlate stock price moves with the day's news.
Portfolio Managers do not want to show this name in their fund when they have to report their holdings (it is August 31st). It has underperformed the market significantly YTD, so it looks bad to have it in your portfolio. Could you imagine buying this at the beginning of the year and explaining to investors why they should hold on to a company whose shares are down 45% this year.
Presents an opportunity for investors who don't care about monthly fluctuations in quoted prices.
Majority of mutual funds have to worry about their monthly/quarterly performance (hence why 90% of them under-perform the general market index)
It is funny to watch a bunch of funds pile into the popular companies that have performed well at the end of the month ( see AAPL, MCD, WMT, BRK_A)