On Tuesday, Western Digital got an upgrade for its IBD SmartSelect Composite Rating from 93 to 96.
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The new score indicates the company is now outperforming 96% of all stocks in terms of the most important fundamental and technical stock-picking criteria. The market's biggest winners often have a 95 or higher grade in the early stages of a new price run, so that's an important benchmark to look for when looking for the best stocks to buy and watch.
Western Digital broke out earlier, but is now around -3% below the prior 58.91 entry from a cup without handle. If a stock you're watching climbs above a buy point then falls 7% or more below the original entry price, it's considered a failed base. It's best to wait for the stock to form a new base and breakout.
The stock sports an 81 EPS Rating, which means its recent quarterly and annual earnings growth is outpacing 81% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
The company posted a 0% earnings gain for Q3. Revenue growth fell to 31%, down from 80% in the prior quarter.
Western Digital holds the No. 2 rank among its peers in the Computer Software-Storage industry group. Seagate Technology is the top-ranked stock within the group.
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