Western Digital shares declined 3% in overnight trading after Micron and SanDisk stocks notched fresh record highs on a blowout quarterly report. The broader memory chip sector retreated, with Seagate down 1.2% as investors booked profits following multiple analyst price target hikes for Micron.
Micron’s blowout quarterly results propelled its shares 16% higher to a record high, buoyed by favorable pricing dynamics and strong forward contract visibility. SanDisk also surged 22% before profit-taking set in, prompting a broader retreat in memory chip equities overnight.
Western Digital stock slid 3% in after-hours trading as investors rotated out of chip exports following peer gains. The pullback reflects short-term profit-taking rather than company-specific operational concerns.
Several brokerages, including DA Davidson, Deutsche Bank and Wedbush, raised Micron price targets to as high as $2,000, citing exceptional sales visibility and strategic execution. These upgrades intensified market volatility and contributed to correlated declines in rival chipmakers.
