Thursday's leading hard disk-drive makers were selling sharply lower on the session. Yesterday, famed short seller Jim Chanos said hard-disk drive companies are likely to decline. Mr. Chanos rose to fame when he predicted the downfall of Enron before its collapse. He has also predicted many other noted short trades such as Hewlett-Packard Co. (HPQ) and China's real-estate bubble.
Support Levels
The two leading hard disk-drive makers are Western Digital Corp. (WDC) and Seagate Technology Inc. (STX). Mid-day Thursday, WDC's stock was down by $1.99 to $57.02 a share. STX stock was off by $2.11 to $40.18 a share. Short-term traders should watch for intra-day support on WDC around the $56.50, $55.68 and $54.76 levels. STX stock should have intra-day support around the $39.15 level.
Nicholas Santiago
www.InTheMoneyStocks.com