Electronic Storage Stocks Pulling Back Sharply

(RTTNews) - After moving notably higher over the three previous sessions, electronic storage stocks have pulled back sharply during trading on Friday. Reflecting the weakness in the storage sector, the NYSE Arca Disk Drive Index has plunged by 3.7 percent.

Micron Technology (MU) has led the sector lower, with the memory chip maker tumbling by 9.9 after reporting a narrower than expected third quarter loss but on weaker than expected revenues.

Violin Memory (VMEM) and Quantum (QTM) are also posting notable losses on the day, slumping by 9 percent and 4.8 percent, respectively.