While most of the major sectors have moved higher on Wednesday amid broad based buying interest, electronic storage stocks are posting particularly strong gains on the day.
The strength among electronic storage stocks is reflected by the 5.7 percent gain currently being posted by the NYSE Arca Disk Drive Index, which reached a six-month intraday high earlier in the session.
Seagate Technology (STX) is leading the storage sector higher, with the hard drive maker surging up by 20.8 percent on the day. At its high for the session, Seagate was at a four-year high.
The gain by Seagate comes after the company reported stronger than expected second quarter earnings growth amid significant improvements in revenues and margins.
Shares of Hutchinson Technology (HTCH) have also shown a strong upward move on the day and are currently up by 5.4 percent after reaching their best intraday level in four months.
Quantum (QTM), Western Digital (WDC), and NetApp (NTAP) are also posting notable gains on the day, contributing to the strength in the sector.
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