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Western Digital

WDC is a leading developer, manufacturer and provider of data storage solutions. Its product portfolio includes HDDs, SSDs, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions. WDC's drives are used in PCs, notebooks, servers, DVRs, gaming consoles, security systems, set top boxes, camcorders, printers and auto navigation systems. SanDisk, a maker of NAND flash that is a type of memory, should help WDC offset declines in the HDD business. Its flash-based solid state drives are the replacement technology facing HDDs. Most consumer PCs are expected to have flash-based storage in the future. SanDisk, a maker of NAND flash that is a type of memory, should help WDC offset declines in the HDD business. Its flash-based solid state drives are the replacement technology facing HDDs. The company is based in Irvine, California and employs approximately 72,000. WDC was founded as General Digital in 1970 by Alvin B. Phillips, a Motorola employee. (20 Jun 2017)

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Transcript: US IG & Crossover Technology

Transcript: 07 Dec 2018, 3:06 AM ET - This is the transcript of the 2-part technology sector presentation given at the CreditSights IG & Crossover conference on December 4, 2018.

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
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WDC: Moody's Changes Outlook to Negative

Worth Watching: 08 Nov 2018, 1:32 PM ET - WDC (Baa3/BB+) affirmed WDC's Baa3 senior unsecured rating although changed the outlook from stable to negative. Moody's commented that the revised outlook reflects uncertainty in the business outlook and expectation for "substantial erosion" in e ..

October 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the twenty-eight company recommendation changes made on North American companies during the month of October.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.
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WDC: Downgrading on Significantly Weaker Trends

Earnings Note: 26 Oct 2018, 2:21 PM ET - We are downgrading our recommendation on Western Digital from Outperform to Market perform as the operating trends are significantly worse than we expected.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: Semiconductors – Winter is Coming

Sector Analysis: 28 Sep 2018, 5:18 AM ET - In this note, we compare recent trends in the chip industry vs. historical levels, take a look back the prior 2015 / 2016 downturn, and discuss the potential for slowing growth in memory, data center compute, and broad-line components.

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..
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WDC: Margin Pressure Driven by Flash ASP Declines

Earnings Note: 29 Jul 2018, 7:30 PM ET - We are holding the line on our Outperform recommendation on Western Digital even though the company downshifted its expectation for Flash ASPs and margins in 2H of calendar 2018.

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

US IG Chart of the Day: Issuer Entrants and Exits

Strategy Analysis: 16 Jul 2018, 9:04 AM ET - In today's chart of the day we identify issuers that have moved into or out of the ICE / BAML IG index since the beginning of the year. 

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.
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Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

Seagate: Not Good Enough?

Earnings Note: 01 May 2018, 2:16 PM ET - While Seagate's results and guidance were better than consensus estimates, investors were hoping for more amidst strong demand from cloud and hyperscale customers.    

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