Western Digital Lower After Downgrade

Western Digital Corp WDC shares are trading lower by $2.40 (2.8 percent) at $86.67 in Monday's session.

One day removed from making a two-year high ($91.00) off Q3 beat and higher guidance, the stock is in the red following a downgrade from Jefferies; The firm downgraded the stock from Buy to Hold.

After a lower open, Western Digital couldn't reclaim Friday's closing price ($89.07), only reaching $88.43 before continuing its move lower. The retreat paused in the area of Friday's low ($86.41) as $86.55 stands a the low for the day as of 10:21 a.m. EST.

If the decline continues, there is a void in price to fill at the top of Wednesday's range ($85.99), which was the day prior to its Q3 report. Under that level, support may be limited until Thursday's low of $83.79.