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☆ Western Digital to separate into two companies
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The logo of Western Digital Corporation is displayed at the company's headquarters in Tokyo, Japan, May 27, 2019. REUTERS/Yoshiyasu Shida/File Photo Acquire Licensing RightsOct 30 (Reuters) - Western Digital (WDC.O) said on Monday it would split itself into two companies that would focus on the hard drive and flash memory markets, days after talks of a merger with Japan's Kioxia stalled. Western Digital shares were up nearly 10% before the bell. The company launched a review of alternatives last year after activist investor Elliott Management disclosed a stake of nearly $1 billion in Western Digital and pushed it to separate those businesses. Reports last week said merger talks between Western Digital and Japan's Kioxia Holdings had stalled as opposition from Kioxia investor SK Hynix (000660.KS) complicated the on-again, off-again deal.

Persons: Yoshiyasu, Japan's Kioxia, Elliott, Samrhitha, Shounak Dasgupta Organizations: Western Digital Corporation, REUTERS, Western Digital, Elliott Management, Japan's Kioxia Holdings, SK Hynix, Thomson Locations: Tokyo, Japan, Bengaluru

☆ Western Digital and Japan's Kioxia call off merger talks - Nikkei
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ann/File photo Acquire Licensing RightsTOKYO, Oct 26 (Reuters) - Western Digital Corp (WDC.O) and Japan's Kioxia Holdings have broken off talks to create one of the world's biggest chipmakers, the Nikkei newspaper reported on Thursday. The companies were also unable to agree on conditions with top Kioxia shareholder Bain Capital, the report added. Western Digital, Kioxia and Bain Capital did not immediately respond to Reuters' requests for comment. Shares of Western Digital sank 12% on the news. Kioxia and Western Digital have held merger talks since 2021 but the negotiations have often stalled over a series of issues, including valuation discrepancies.

Persons: David Dolan, Aditya Soni, Juby Babu, Chavi Mehta, Shweta Agarwal Organizations: Taipei, REUTERS, Rights, Western Digital Corp, Japan's Kioxia Holdings, Nikkei, SK Hynix, Bain Capital, Samsung Electronics, South Korean SK Hynix, Kioxia, Western Digital, Western, Thomson Locations: Taipei, Taiwan, U.S, Kioxia, Bengaluru

☆ SK Hynix denies report about approaching SoftBank on Kioxia merger
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

Memory chips by South Korean semiconductor supplier SK Hynix are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration Acquire Licensing RightsSEOUL, Oct 18 (Reuters) - South Korea's SK Hynix Inc (000660.KS), the world's second-largest memory chip maker, said on Wednesday it has not approached Japan's SoftBank Group (9984.T) to partner up in a possible deal with memory chipmaker Kioxia Holdings Corp.A Nikkei report earlier on Wednesday said SK Hynix is reluctant to back a merger between U.S. rival Western Digital's memory chip operations and Kioxia, in which SK Hynix holds a stake. The report went on to say that SK Hynix had sounded out SoftBank for a partnership in case the merger falls through. "SK Hynix denies Nikkei's report that the company approached SoftBank for collaboration with regard to the Kioxia-Western Digital deal," the company said in a statement, without commenting on its stance on the merger. Kioxia and Western Digital Corp (WDC.O) are pursuing a merger as a global chip glut and weak demand for flash memory chips strengthens pressure for chipmakers to consolidate.

Persons: Florence Lo, Japan's, SoftBank, Kioxia, Joyce Lee, Anton, Simon Cameron, Moore, Louise Heavens Organizations: SK Hynix, REUTERS, Rights, Korea's SK Hynix Inc, Japan's SoftBank, Kioxia Holdings Corp, Nikkei, Wednesday, U.S, Western, SoftBank Group, Western Digital Corp, Thomson Locations: Rights SEOUL

☆ Morgan Stanley names its top stock picks — and its 'least favored' — in a corner of the chip market
▼ + stars: | 2023-09-13 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

A "recovery narrative" has been playing out in a corner of the semiconductor market this year, according to Morgan Stanley. They benefit from NAND recovery on cash flows, and a "strong competitive position" in high bandwidth memory, said the bank. Meanwhile, the potential for NAND improvement in the U.S. seems "most positive" for Western Digital, which isn't discounting a material recovery in NAND profits, Morgan Stanley said. Improving conditions Morgan Stanley said it's become more optimistic on the memory sector given that pricing and inventory conditions are improving further. Overall, Morgan Stanley expects a shortage building up in the fourth quarter and an upturn in 2024 — before peaking in 2025.

Persons: Morgan Stanley, it's, Michael Bloom Organizations: Korean chipmaker SK Hynix, Western Digital Corporation, Western Digital, SK Hynix, Samsung, Micron Locations: U.S, Asia

☆ Western Digital's first-quarter forecast disappoints as weak cloud demand weighs
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Memory chipmaker Western Digital Corp (WDC.O) forecast a bigger-than-expected loss in the first quarter and revenue below Wall Street targets on Monday as weak demand, mainly for its cloud business, forces it to cut production. Cloud companies will take another "couple of quarters" to clear out excess inventory, finance chief Wissam Jabre said in June. Western Digital forecast its adjusted loss per share to be in the range of $2.10 to $1.80, compared to an estimated loss of $1.40 per share. It also forecast revenue for the same period below estimates. Rival Seagate Technology (STX.O) also forecast downbeat revenue for its first quarter last week, on weakness in major market China and lower tech spending.

Persons: Wissam Jabre, David Goeckeler, Goeckeler, Chavi Mehta, Stephen Nellis, Pooja Desai Organizations: Digital Corp, Seagate Technology, Western Digital, Samsung Electronics, SK Hynix, Thomson Locations: China, South, Bengaluru, San Francisco

☆ Morning Bid: Beijing stimulus given benefit of the doubt
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +3 min

Yet that merely stoked wagers Beijing would have to dole up sizable stimulus at some point or risk social unrest, particularly with youth unemployment rising. So far, domestic investors seem to be giving Beijing the benefit of the doubt - foreign funds have been shunning Chinese stocks for a while. Any rise in Japan's paltry yields should, theoretically, be a plus for the yen and a negative for yen-funded carry trades. This in part reflects the still huge gulf between Japan rates and emerging markets and the fact that many carry trades are funded at one month rates and rolled over. Right now, investors can still borrow yen for one month at -0.1% to buy pesos and earn 11.1%.

Persons: Wayne Cole, China's, it's, That's, Austan Goolsbee, Sam Holmes Organizations: Beijing, Nikkei, Bank of Japan, Federal Reserve Bank of Chicago, Western Digital Corp, Aercap, Thomson Locations: Wayne, Beijing, Asia, Pacific, Japan, Chicago

☆ Asia shares up as China extends rally; Japanese yields a risk
▼ + stars: | 2023-07-31 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) climbed 1.1%, having gained almost 6% so far in July to reach a five-month high. Figures due this week include the U.S. ISM surveys on manufacturing and services, the July payrolls report and European inflation. Investors are still pondering the implications of Friday's shock decision by the Bank of Japan (BOJ) to lift the lid on bond yields, in a step away from its ultra-easy policies. Analysts at BofA estimate the BOJ's bond buying added $1.3 trillion to global liquidity in the past 18 months and provided a low floor for global rates, so any sustained rise in Japanese government bond yields could ripple though other bond markets. Japanese 10-year yields climbed further to 0.6% on Monday, still short of the new cap of 1.0%.

Persons: Yen, Bruce Kasman, Ray Attrill, Brent, Wayne Cole, Jamie Freed Organizations: Nikkei, Apple SYDNEY, Apple, JPMorgan, U.S, Bank of England, Reserve Bank of, Nasdaq, Apple Inc, Western Digital Corp, Caterpillar Inc, Starbucks Corp, Devices, Bank of Japan, National Australia Bank, Thomson Locations: China, Beijing, Asia, Pacific, Japan, Reserve Bank of Australia

☆ Morning Bid: Asian markets face tough act to follow
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +3 min

NEW YORK, July 31 (Reuters) - A look at the day ahead in Asian markets from Stephen Culp, financial markets columnist. Chinese stocks face the challenge of topping last week's 4.5% gain in the CSI 300 (.CSI300), the index's biggest weekly jump since November. Market participants are also scrutinizing the other side of the Sea of Japan for signs of life in the Chinese economy. Potentially market-moving U.S. indicators next week include manufacturing and services PMI. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Stephen Culp, Diane Craft Organizations: YORK, Japan's, CSI, Nikkei, Asia Pacific, Bank of Japan, Apple Inc, Western Digital Corp, Caterpillar Inc, Starbucks Corp, Qualcomm Inc, Marriott International, MGM Resorts International, Hotels, Resorts, PMI, Thomson, Reuters Locations: China, Japan, Beijing, United States, Australia, Korea

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

☆ SBI Holdings to help Taiwan's Powerchip build a plant in Japan
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

TOKYO, July 5 (Reuters) - Financial firm SBI Holdings (8473.T) said on Wednesday it would help Taiwan's Powerchip Semiconductor Manufacturing Corp (6770.TW) establish a factory in Japan as the country looks to revive its chip industry. "This is the best possible time to enter chip manufacturing," Kitao said at a joint press conference with the Taiwanese company's chairman, Frank Huang. Powerchip is currently looking at three or four potential sites and manufacturing could begin two years after construction starts, Kitao added. Japan is also funding a homegrown venture, Rapidus, which says it plans to produce advanced logic chips from the middle of the decade with help from IBM Corp (IBM.N). Powerchip provides contract manufacturing services for logic and memory chips for power management to customers including MediaTek Inc (2454.TW), Taiwan's largest designer of mobile phone chips.

Persons: Yoshitaka Kitao, Kitao, Frank Huang, Powerchip, Miho Uranaka, Tim Kelly, Christopher Cushing, Jamie Freed, Louise Heavens Organizations: Financial, SBI Holdings, Semiconductor Manufacturing Corp, SBI, Taiwan Semiconductor Manufacturing, Sony Group, Denso Corp, Kioxia Corp, Western Digital Corp, chipmaker Micron Technology, IBM Corp, MediaTek Inc, Thomson Locations: TOKYO, Japan, Kumamoto prefecture, Hiroshima

☆ Dow, S&P edge up as data, debt ceiling curb gains
▼ + stars: | 2023-05-15 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The Dow Jones Industrial Average (.DJI) rose 47.98 points, or 0.14%, to 33,348.6, the S&P 500 (.SPX) gained 12.2 points, or 0.30%, to 4,136.28 and the Nasdaq Composite (.IXIC) added 80.47 points, or 0.66%, to 12,365.21. Meta Platforms Inc (META.O) climbed 2.16% as one of the top boosts to both the Nasdaq and S&P 500 after Loop Capital upgraded it to "buy" from "hold." Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 11, 2023. REUTERS/Brendan McDermidIn a relatively light week for economic data, investors will focus on retail sales, weekly jobless claims and housing data. The S&P 500 posted nine new 52-week highs and seven new lows; the Nasdaq Composite recorded 59 new highs and 136 new lows.

Atlanta Fed President Raphael Bostic said on Monday he does not expect any interest-rate cuts this year, while Minneapolis Fed President Neel Kashkari said inflation is "much much too high" despite the rate hikes. Investors now await comments from Fed Chair Jerome Powell on Friday for any clues on potential rate cuts this year. Shares of Magellan jumped 13.7%. Advancing issues outnumbered decliners by a 2.14-to-1 ratio on the NYSE and by a 1.92-to-1 ratio on the Nasdaq. The S&P index recorded six new 52-week highs and seven new lows, while the Nasdaq recorded 44 new highs and 110 new lows.

Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics (005930.KS). Western Digital did not respond immediately to a request for comment. Kioxia, previously Toshiba Memory, was sold by Toshiba Corp (6502.T) in 2018 to a consortium led by Bain Capital for $18 billion. Kioxia and Western Digital were in merger talks in 2021 before the negotiations stalled over a series of issues including valuation discrepancies.

☆ Western Digital Corp sees weak fourth quarter on slower recovery for memory chips
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

May 8 (Reuters) - Memory chip firm Western Digital Corp (WDC.O) forecast fourth-quarter revenue below Wall Street estimates and a bigger current-quarter loss, signaling that memory chip demand will take longer to recover as cloud spending also shrinks. Seagate Technology Holdings (STX.O), which makes hard disks for storage like Western Digital, last month said it was seeing a "more elongated customer inventory correction" and that it expects demand recovery to begin only towards the end of 2023. While memory chipmakers have been cutting production to alleviate oversupply and prop up memory chip pricing, a weak global economic outlook has clouded the hopes for a quicker recovery. Western Digital expects fourth-quarter revenue between $2.40 billion and $2.60 billion. However, Western Digital reported third-quarter revenue of $2.80 billion, beating estimates of $2.70 billion.

☆ As earnings season winds down, investors turn to Tuesday's debt ceiling meeting
▼ + stars: | 2023-05-06 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

With only a small fraction of the S & P 500 left to report quarterly earnings, investors are now turning their focus to another major hurdle for the markets and economy: the debt ceiling crisis. Earlier this week, we looked back to debt limit crisis of 2011 for potential lessons. The protracted fight ultimately ended in an agreement in early August of that year, but it was a choppy summertime ride for investors. Within the portfolio, Wynn Resorts will report Tuesday, after the closing bell, and Disney will report on Wednesday, after the closing bell. Estee Lauder (EL) and Emerson Electric (EMR) reported earnings before the opening bell.

☆ Western Digital to bring services back online soon after security breach
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Western Digital Corp (WDC.O) said on Friday it had restored My Cloud services and expects customer access to its online store to be normalized in the week of May 15, more than a month after the data storage chip maker disclosed a security breach. Western Digital said it is progressing through the restoration process and majority of the impacted systems and services were operational. The "unauthorized party" obtained customer names, telephone numbers and partial credit card numbers from its systems, Western Digital said in a statement. The company said it would communicate directly with impacted customers and was investigating the validity of the data. Western Digital's factories were operational throughout the incident and the company is shipping products, it added.

☆ Wall Street ends mixed with inflation data, earnings on tap
▼ + stars: | 2023-04-10 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The bellwether S&P 500 ended the session nominally higher. Of the 11 major sectors of the S&P 500, six ended the session higher, led by industrials (.SPLRCI). "When the Fed repeats time after time what their priorities are and what they’re going to do, they’re going to do it." As of Friday, analysts expected aggregate S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the quarter, according to Refinitiv. The S&P 500 posted 2 new 52-week highs and no new lows; the Nasdaq Composite recorded 50 new highs and 155 new lows.

☆ Wall St fluctuates as investors weigh jobs report, earnings on tap
▼ + stars: | 2023-04-10 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"There’s clearly a disconnect between what the Fed is telling us they’re going to do and what the market believes the Fed is going to do," Pursche added. "When the Fed repeats time after time what their priorities are and what they’re going to do, they’re going to do it." As of Friday, analysts now expect aggregate S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the quarter, according to Refinitiv. Among the 11 major sectors of the S&P 500, communication services (.SPLRCL) and technology (.SPLRCT) suffered the largest percentage losses. The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 41 new highs and 131 new lows.

Charles Schwab Corp (SCHW.N) gained 3.3% after the financial broker on Thursday disclosed upbeat new client assets inflow in March. Pioneer Natural Resources Co (PXD.N) jumped 5.7% after a report that Exxon Mobil Corp (XOM.N) held preliminary talks with the company about a possible acquisition of the shale oil producer. Micron Technology Inc (MU.O) and Western Digital Corp (WDC.O) surged 7.9% and 8.9%, respectively, on Samsung Electronics Co Ltd's (005930.KS) plans to cut chip production. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE and a 1.16-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and no new low, while the Nasdaq recorded 30 new highs and 108 new lows.

"One has to step back and look at a bigger picture than just these week-to-week market battles over data. Several economic indicators last week, including weak private payrolls and job openings data, had initially raised hopes of a pause to the market-punishing rate hikes amid the recent banking sector turmoil. Declining issues outnumbered advancers for a 1.48-to-1 ratio on the NYSE and 1.74-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and no new lows, while the Nasdaq recorded 13 new highs and 57 new lows. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Medha Singh; Editing by Shounak Dasgupta and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

"One has to step back and look at a bigger picture than just these week-to-week market battles over data. ET, Dow e-minis were down 122 points, or 0.36%, S&P 500 e-minis were down 21.5 points, or 0.52%, and Nasdaq 100 e-minis were down 107.75 points, or 0.82%. Shares of regional banks slipped after Fed data on Friday showed overall credit from U.S. banks declined by a record of more than $120 billion in the latest week, on a nonseasonally adjusted basis. Semiconductor stocks such as Micron Technology Inc (MU.O) and Western Digital Corp (WDC.O) gained 5.5% and 4.7%, respectively, following Samsung Electronics Co Ltd's (005930.KS) plans to cut chip production. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Medha Singh; Editing by Varun H K and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Western Digital reports network security incident
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: 1 min

April 3 (Reuters) - Data storage devices maker Western Digital Corp (WDC.O) on Monday said it is looking into a network security incident, after a breach in some systems disrupted parts of its business operations. The unauthorized party obtained certain data from its systems, and Western Digital is working to understand the nature and scope of that data, the company said in a statement. The company said the incident may cause further disruption to its business operations, and is implementing measures to secure the operations, including taking systems and services offline. The company also said it is working with law enforcement authorities, following its own investigation with outside security and forensic experts. Reporting by Yana Gaur in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ The long-running crisis at Japan's Toshiba
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +5 min

Faced with more than $6 billion in liabilities linked to Westinghouse, Toshiba decides to put prized chip unit Toshiba Memory up for sale. Nov. 2021 - Toshiba says it will split into three companies, one for energy, one for infrastructure and the third to manage its Kioxia stake. Feb. 2022 - Toshiba announces a new plan to split into two, spinning off only its devices unit. April 2022 - Toshiba sets up a special committee to resume a strategic review that could see it taken private. Under pressure from shareholders, Toshiba announces a special dividend of some $545 million.

On Tuesday, Western Digital CEO David Goeckeler said the partnership with Apollo and Elliott would help "facilitate the next stages of Western Digital's strategic review." The latest investment is a precursor to a potential merger between Silicon Valley-based Western Digital and Japan's Kioxia Holdings Corp, according to people familiar with the matter. The sources, who requested anonymity as these discussions are confidential, said the talks between Western Digital and Kioxia are still active. Western Digital and Kioxia jointly produce NAND chips, which are widely used in smartphones, TVs, data center servers and public announcement display panels. Qatalyst Partners, Lazard and J.P. Morgan are serving as Western Digital's financial advisers and Skadden, Arps, Slate, Meagher & Flom LLP is serving as Western Digital's legal adviser.

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