Toshiba signs memorandum with Bain to negotiate memory unit sale

The sale is seen as crucial for the struggling Toshiba to plug massive losses at its US nuclear division Westinghouse Electric

Its up 0.11, from 1.01 in 2016Q3. 109,100 shares were sold by Straubel Jeffrey B, worth $33.58 million on Monday, May 8. Brown Advisory owns 9,020 shares. Manning Napier Advsr Ltd reported 10,642 shares stake. Of those insider trades, 284,439 shares of Western Digital Corporation were purchased and 221,885 shares were sold. Summit Secs Group Ltd Liability Corporation holds 22,934 shares. Fortaleza Asset Management Inc stated it has 0.77% in Western Digital Corp (NASDAQ:WDC). Susquehanna Bancshares Inc reaffirmed a "positive" rating and issued a $140.00 price objective on shares of Western Digital Corporation in a report on Wednesday, May 17th. Westpac Banking owns 55,584 shares for 0% of their portfolio.

Since April 7, 2017, it had 0 insider buys, and 14 sales for $18.96 million activity. Toshiba Memory Corp. has an estimated worth of ¥2 trillion. Shares for $2.31M were sold by CORDANO MICHAEL D. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. In the past 3-month period alone, shares of WDC have appreciated +2.14 - or +2.47%.

The stock increased 1.60% or $1.4 during the last trading session, reaching $88.78. The firm owned 4,443,866 shares of the data storage provider's stock after purchasing an additional 405,293 shares during the period.

There are 826 institutional holders with active positions, accounting for 247.14 million shares in total. Western Digital Corp (NASDAQ:WDC) has risen 125.85% since September 13, 2016 and is uptrending. It has outperformed by 109.15% the S&P500.The move comes after 9 months negative chart setup for the $24.80 billion company.

USA private-equity firm Bain Capital Private Equity LP signed a memorandum of understanding with Toshiba Corp.(TOSYY.PK, TOSBF.PK) saying it intends to reach a deal to buy the Japanese conglomerate's memory-chip business by the end of September, Toshiba said.

Sources have said that discussions with Western Digital faltered as Toshiba, fearing its partner was angling to eventually take over the chip business, sought to limit the USA firm's future stake in the unit.

Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Wednesday, January 25th. With Western Digital no longer the favoured party, the talks are likely to continue into next week. The rating was initiated by Summit Research with "Buy" on Monday, March 28. Seven analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the company. The firm earned "Buy" rating on Thursday, June 2 by Jefferies. As per Thursday, August 17, the company rating was maintained by Citigroup.

Western Digital is in the hard-drive business and the flash storage business, the latter of which has become rather noteworthy, thanks to the company's acquisition of SanDisk, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment Wednesday.

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