Groupon, Golar, and Western Digital Among 5 Stocks Getting Crushed Today

Weak Results Trip Up Western Digital

Shares of Western Digital Corp (NASDAQ:WDC) are down by 13.38% today after the data storage device manufacturer released a disappointing earnings report for the company’s third quarter of fiscal year 2016. Revenue slumped by 20.5% year-over-year to $2.82 billion, missing the consensus estimate by $40 million, while non-GAAP EPS came in $0.07 below expectations at $1.21, which was down by 32.3% from the third quarter of fiscal year 2015. WDC’s guidance for the fiscal fourth quarter was also underwhelming, with the company predicting revenue of between $2.6 billion and $2.7 billion, while analysts had been much more optimistic, predicting a figure of $2.92 billion. Eric Sprott‘s Sprott Asset Management cut its Western Digital Corp (NASDAQ:WDC) stake by 16% during the first quarter, to 120,000 shares.

WDC Rival Seagate Also Battered by Weak Results

Seagate Technology PLC (NASDAQ:STX) is suffering the same fate as competitor Western Digital today, and for the same reason. Seagate shares are down to the tune of 19% after the company reported the same waning demand for its hard drive products that Western Digital did. Seagate’s revenue for the third quarter of fiscal year 2016 dropped by 22% year-over-year to $2.60 billion, while the $0.88 per share that it earned in the third quarter of fiscal year 2015 is but a distant memory, after the company lost $0.07 per share in the latest quarter. The news wasn’t unexpected, as the technology company warned in mid-April that its results would miss expectations. 25 funds in our system owned $374.41 million worth of Seagate Technology PLC (NASDAQ:STX)’s shares on December 31, which accounted for 3.40% of the company’s float.

Groupon Tumbles on Growing Losses, Weak Guidance

Lastly we come to Groupon Inc (NASDAQ:GRPN), which has shed over 16% of its market value today after the group deals website reported its first quarter results and issued weak guidance for the full 2016 year. The company lost $0.08 per share on a GAAP basis in the first quarter, nearly four-times the losses that it incurred in the same quarter a year ago, partly due to a marketing push by the company which was announced last year. That push did result in nearly a million new customers being introduced to the service, which the company expects to start bearing fruit by 2017. That did nothing to help the company’s guidance for the full 2016 year however, which was disappointing, with analysts’ revenue estimates of $3.01 billion coming in near the top of Groupon’s guidance range of $2.75 billion to $3.05 billion for the year. Alexander Tamas‘ VY Capital sold off its position in Groupon Inc (NASDAQ:GRPN) during the first quarter, which had previously amounted to 2.56 million shares.

Disclosure: None