Premarket Movers | Western Digital Soars Another 4% While Seagate Tech Gains over 2% on Analyst Upgrades; Chinese ADRs and ETFs Fall with YINN Down 5%; Baidu, Alibaba Down Around 3%

Western Digital stock jumped another 4% in premarket trading, while Seagate Technology rose 2.56%.

Western Digital’s stock was the biggest gainer in the S&P 500 on Monday, up 16%, and Seagate Technology shares rose 9%, the index’s fourth-best gainer.

That was after Morgan Stanley analyst Erik Woodring raised his price target on Seagate’s stock to $1,035 from $767 and lifted his target on Western Digital’s stock to $650 from $488, saying that there is a growing shortage of hard disk drives, which is set to drive up prices in the coming years.

Chinese ADRs and ETFs fell in premarket trading. YINN down 5%; CWEB, Kingsoft Cloud, Hesai down around 4%; Baidu, Alibaba down around 3%.