WDC

70% sell; 30% hold at $80

http://investor.wdc.com/sec.cfm

8-K Current Report Mar 23, 2017

loan agreement amended; [DON’T UNDERSTAND]

8-K Current Report Mar 14, 2017

loan agreement amended; [DON’T UNDERSTAND]

16-28 Feb 2017; insiders sold @$75

Feb 14, 2017  FMR LLC; Owned: 5,761,274 (b) Percent of Class: 2.018%

Feb 10, 2017;    The Vanguard Group; 27,490,927;   9.62%; STATE STREET CORPORATION 14,863,320; 5.21%

Feb 9, 2017 Sanjay Mehrotra has stepped down from the company’s board of directors, effective immediately. Mehrotra, co-founder and former chief executive officer of SanDisk Corporation, joined the Western Digital board in May 2016 upon the completion of the company’s acquisition of SanDisk.

10-Q Quarterly Report Feb 7, 2017

  • 288,070,433 shares
  • Goodwill 10,005
  • Long-term debt 12,944
  • Total liabilities 18,243
  • Total shareholders’ equity 10,732
  • Net profit <0
  • Net cash provided by operations 1,500 (1,143)[six month]
  • [cash 3b per year; pay back $2b; after 6 years; $2b is p/e=7; total p/e=6+7=13]

5/10/2016 Insiders disposed shares

July 28 2016 Q4 and FY 2016

  • Rev $3.5B; Net loss of $351m, or $1.34 per share [On a non-GAAP basis, fourth quarter net income was $208 million, or $0.79 per share.]
  • for FY2016, Rev $13B; net income $257m, or $1.06 per share [2015, $1.8B; $7.76 per share]

7/22/2016 CEO sold 21217 shares directly owned @$52.4

5/31/2016 CEO Stephen Milligan acquired 22500 shares $ $45.53 via Family Trust

 

 

  • June 8, 2016 — Western Digital ® Corporation (NASDAQ: WDC) (“Western Digital” or the “Company”) today announced that it has received notice of an unsolicited “mini-tender offer” by TRC Capital Corporation to purchase up to 2,500,000 shares, or approximately 0.89 percent of Western Digital’s outstanding shares of common stock as of the date of the offer. TRC Capital’s offer price is $42.95, 4.53 percent lower than the closing price of Western Digital’s shares on May 27, 2016, the first business day prior to the date of the offer.
  • 4-5-2016 cash dividend for the quarter ending July 1, 2016 of $0.50 per share
  • 29-4-2016 I will now provide an update on cost savings initiatives as a result of the integration of our WD and HGST subsidiaries….We now expect to achieve total savings of eight hundred ($800) million dollars on an annualized run rate basis by the end of 2017, versus the six hundred and fifty ($650) million dollars estimated previously….We continue to estimate cash expense to achieve these savings to be approximately eight hundred ($800) million dollars. We now expect sixty percent (60%) of these expenses to be incurred in 2016 and the balance in 2017.
  • April 28, 2016 — Western Digital ® Corp. (NASDAQ: WDC) today reported revenue of $2.8 billion and net income of $74 million, or $0.32 per share, for its third fiscal quarter ended Apr. 1, 2016. Employee termination, asset impairment and other charges 140m
  • it has priced its offerings of $1.875 billion aggregate principal amount of senior secured notes due 2023 (the “Secured Notes”) and $3.35 billion aggregate principal amount of senior unsecured notes due 2024
  • The Secured Notes will bear interest at a rate of 7.375% per annum and the Unsecured Notes will bear interest at a rate of 10.500% per annum
  • Acquire SanDisk for $17 billion; $67.50 cash+ 0.2387 shares of Western Digital ($77.98 per share of SanDisk)
  • 12/2/2016 FMR LLC 13.15M; 5.676%
  • 11/2/2016 The Vanguard Group; 15.84M shares; 6.83%
  • 11/2/2016 cash dividend $0.5 for the quarter ending 1/4/2016 (before bad news!?)
  • 10/2/2016 10-Q
  • As of January 1, 2016 , total compensation cost related to unvested stock options and ESPP rights issued to employees but not yet recognized was $118 million and will be amortized on a straight-line basis over a weighted average service period of approximately 2.4 years.

    For purposes of this footnote, references to RSUs include performance stock unit awards. As of January 1, 2016 , the aggregate unamortized fair value of all unvested RSUs was $158 million , which will be recognized on a straight-line basis over a weighted average vesting period of approximately 1.8 years.

    Option. Exercisable at January 1, 2016 3.8m $ 43.58
    Granted 1.6m , $84.41
    Effective October 21, 2015, in connection with the Company’s planned SanDisk merger, the stock repurchase program was suspended. The Company did not repurchase any shares during the three months ended January 1, 2016 . The Company repurchased 0.7 million shares for a total cost of $60 million during the six months ended January 1, 2016 .
    The Company’s principal pension and other post-retirement benefit plans are in Japan.
    Amplidata was fully integrated and became a wholly owned indirect subsidiary of the Company. The purchase price of the acquisition was approximately $267 million
    remaining value of $215 million to goodwill
    On January 18, 2016, we announced that we will be closing our head component front end wafer manufacturing facility in Odawara, Japan, in order to reduce manufacturing costs. We expect the closure to be substantially completed by the end of the third quarter of fiscal 2016 and it is expected to result in total pre-tax charges of approximately $200 million
    The joint venture will be 51% owned by Unis and its subsidiary, Unissoft (Wuxi) Group Co. Ltd., and 49% by us. market and sell our current data center storage systems in China and to develop data storage systems for the Chinese market in the future.
    These decreases in revenue were primarily the result of a softer demand environment largely driven by a challenging global economic environment, partially offset by an increase in the average selling price (“ASP”) for HDDs due to changes in product mix.
    gross margin decreased to 27.3%, as compared to 28.5% for the prior-year period.
    if the Unis Investment does not close by the time of the merger, immediately following the merger, our shareholders will own approximately 82.90% of our common stock, and SanDisk’s shareholders will own approximately 17.10% of our common stock,
    HGST and WD subsidiaries integration to occur through the end of calendar year 2017.
    Read sandisk reports
    44% of our revenue came from sales to our top 10 customers. (They have more bargin power)