Western's 48.65% Volume Surge Propels It to 59th Rank Amid 4.59% Price Decline

On October 6, 2025, Western (WDC) traded with a volume of $1.67 billion, marking a 48.65% surge from the previous day’s activity. The stock closed at a 4.59% decline, ranking 59th in trading volume among listed equities. The heightened liquidity suggests increased investor activity, though the downward price movement indicates bearish sentiment in the short term.

Recent developments affecting Western’s stock include strategic shifts in data storage market positioning, as outlined in a recent regulatory filing. The company emphasized long-term capital allocation strategies, highlighting potential restructuring of its product portfolio to align with evolving industry demand. Analysts noted the lack of immediate catalysts for price recovery, given the absence of new product launches or earnings surprises in the near term.

Market participants observed mixed trading patterns, with institutional investors reportedly reducing exposure ahead of quarterly reporting deadlines. Retail investor behavior remained neutral, with no significant directional bias detected in open interest or options activity. The stock’s volatility profile remained stable, with no material changes in implied volatility metrics compared to the prior week.

To run this back-test accurately, I need to pin down several practical details that aren’t yet specified. Could you please confirm (or adjust) the following? 1. Market universe • U.S. common stocks only (NYSE + NASDAQ) – ADRs, ETFs and preferreds excluded? • Or another universe? 2. Volume definition • Share volume (number of shares traded) • Or dollar volume (shares × close price)? 3. Selection & execution rule • Rank stocks on today’s close-of-day volume. • Enter equal-weight long positions at today’s close. • Exit all positions at tomorrow’s close (1-day holding period). • Is this sequence acceptable, or would you prefer open-to-open, close-to-open, etc.? 4. Frictions • Assume zero transaction cost & slippage, OR specify a per-trade cost/price impact. 5. Data frequency • Daily bars are sufficient? (Intraday volume data not required.) 6. Benchmark (if any) • Compare against SPY, or no benchmark needed? Once these points are settled I can proceed to pull the data, build the daily portfolios, and run the back-test from 2022-01-03 (first trading day of 2022) through the most recent trading day.