Why Alphabet, WhiteWave, Chemours, and More Are Making Headlines

Guidance Lifts Western Digital

Western Digital Corp (NASDAQ:WDC) has surged by over 5% in morning trading after the hard-drive maker released positive preliminary financial results for its fourth quarter of fiscal year 2016 ended July 1. Thanks to its ownership of SanDisk Corp, Western Digital now expects fiscal fourth quarter revenue to come in at $3.46 billion, topping the previous guidance range of $3.35 billion-to-$3.45 billion. Adjusted EPS is expected to be $0.72, also besting the prior guidance range of $0.65-to-$0.70. In addition to the positive updated guidance numbers, Western Digital announced that Mark Long will replace Olivier Leonetti as the company’s CFO beginning in September. 42 funds in our database owned shares of Western Digital Corp (NASDAQ:WDC) at the end of March, up by five funds from the end of 2015.

Lawsuit Ruling Causes Traders to Exit Chemours Positions

Chemours Co (NYSE:CC) shares plunged by more than 22% yesterday after an Ohio jury found E I Du Pont De Nemours And Co (NYSE:DD) liable for a person’s testicular cancer, with the ruling claiming that the disease was potentially caused in part due to toxic chemicals released by Du Pont into the region’s waters. Although Du Pont is technically liable, Chemours will bear the financial penalty from the case because it was the division in question that did the polluting. Chemours was spun off from DuPont in 2015. The jury awarded the plaintiff $5.1 million in associated damages and could potentially award even more in punitive damages. Traders fear that the trial damages could lead to similar defeats in other trials involving similar circumstances. Shares of Chemours have nonetheless rebounded by 10% this morning and are up by 22% year-to-date. The number of elite funds with Chemours Co (NYSE:CC) holdings rose by eight quarter-over-quarter to 30 as of March 31, while 32 funds were long E I Du Pont De Nemours And Co (NYSE:DD).

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