We had very small volume the first 30 mins of the day. In 45 mins STX up $1.00, it is now off its high , but if this stock doesn't get going STX will catch WDC. This would be a shame becuase some people say NOT to buy STX, but everyone says to BUY WDC. Confused on what is going on with this stock.
Not sure, but I wouldn't be surprised that TRADEWINDS GLOBAL is continuing to liquidate their holding.
Until they are done selling off shares there will be continued pressure on WDC share price.
The last Form 13-G filing they were required to file with the SEC (dated 09 March 2012) showed their holding drop to 9,950,636 shares which now represets less than 5%--actual percent 4.23%--Tradewinds is no longer required to file another Form 13-G since they now are under the 5% threshold.
The prior Form 13-G filed by Tradewinds (dated 14 February 2012) indicated an ownership position of 16,125,887 shares or 6.9% of outstanding shares.
For whatever reason Tradewinds has been selling, at a furious pace--6,175,251 shares between mid February and mid March. The question for me is what motivated the big selloff and is Tradewinds continuing to wind down their position?
WDC volume increases of late, coupled with the recent share buyback program authorization, leads me to believe that Tradewinds selling continues...if so, then they may not have much more to sell and then the downward pressure may reverse.
Just my two cents on the WDC-STX stock price comparison.