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Byline: David Saito-Chung
Western Digital broke out to new 52-week highs in late March and April and rallied as much as 49%. But during the July correction, the stock slid back below its pivot point. It's now trying to recover to its high.
The company makes hard disk drives used in desktop PCs, servers and network storage devices. Earnings per share bulged 620%, 225% and 163% in the past three quarters on revenue growth of 30%, 19% and 26% respectively.
Earnings in fiscal 2004 ending in June next year are seen dipping 4% to 90 cents a share, says First Call. But Western has topped analysts' consensus estimates for five ...