Jim Cramer Highlighted 16 Noteworthy S&P 500 Stocks

3. Western Digital Corporation (NASDAQ:WDC)

Number of Hedge Fund Holders: 84

Western Digital Corporation (NASDAQ:WDC) is one of the noteworthy S&P 500 stocks Jim Cramer highlighted. Cramer highlighted the company’s earnings and the following market reaction, as he said:

Western Digital, the company that spun off Sandisk about a year ago, was in fifth place, up 45%. Micron is run by Sanjay Mehrotra, one of the founders of Sandisk. Strong bloodlines there… Wow, up big. Seagate was in third, up 48%, and Micron was in fourth, up 45%. Now, all these memory and data storage plays more than tripled last year thanks to surging demand from the data center, which is driven by artificial intelligence…

Western Digital also reported Thursday night, delivering a solid beat with excellent guidance, and the stock actually finished down more than 10% on Friday. Stock erased some of those losses today as the data storage plays came roaring back. But you have to keep in mind, sooner or later, someone’s going to add more production capacity, if not the American companies, then the Korean competitors. And once more capacity comes online, it might be hard to maintain these sky-high prices, but I don’t see any supply within this realm.

Western Digital Corporation (NASDAQ:WDC) designs and supplies data storage solutions, including internal and external hard drives, portable drives, data center platforms, NAS systems, and related accessories.