Western Digital Earnings Beat Expectations but Shares Drop 8% After-Hours; Apple Posts Strong Quarterly Results

Western Digital's shares fell 8% in after-hours trading on Friday despite the company reporting quarterly earnings and revenue that beat analyst expectations. The decline followed a 150% stock rally over the past year, with investors reacting negatively to upbeat results from Western Digital and its flash memory unit SanDisk.

CNBC's Kristina Partsinevelos discussed the earnings on 'Closing Bell Overtime,' noting the disconnect between the results and market response.

9% from the prior year. 9 billion, offsetting a slight dip in hardware sales outside iPhones.

The Farm Bill is scheduled for a House of Representatives vote this week. E15 is typically restricted from summer sales due to its higher evaporation rate, which contributes to air pollution and smog formation.

The Trump administration waived those requirements last month to permit E15 sales this summer, citing elevated gasoline prices. S. transportation fuel derives from renewable sources, primarily ethanol.

Turner, Mason & Company estimates compliance with the standard will cost refineries $70 million in 2026 and another $70 million in 2027. A coalition of agricultural and energy groups stated in a support letter that the amendment balances energy affordability, rural economic strength, and regulatory certainty, while reforms to exemptions would restore transparency for all parties.

The National Corn Growers Association issued a press release last week accusing oil corporations of attempting to derail legislation that lowers fuel prices.

S. , Cenovus Energy, CVR Energy, HF Sinclair, Parr Pacific Holdings and Suncor Energy Inc. – that are masquerading as small refineries to get Renewable Fuel Standard exemptions they don't need," said Jed Bower, president of the association.

The Environmental Protection Agency does not disclose which companies receive these waivers. Ben Lieberman, an energy expert at the Competitive Enterprise Institute, stated that the industry's lobbying to reduce exemptions indicates the cost is very likely significant for small refineries.

From 2009 to 2020, the ethanol industry received more than $60 million from the Agriculture Department to develop next-generation biofuels, according to Taxpayers for Common Sense.

The Inflation Reduction Act of 2022 expanded tax credits and subsidies for clean and alternative fuels, and the One Big Beautiful Bill Act passed last summer adjusted eligibility for a key tax credit to include more ethanol facilities. 1 billion through fiscal year 2035.

E15 typically sells for 5 to 10 cents less per gallon than gasoline with lower ethanol content, though it is less energy-dense and may reduce fuel efficiency in some vehicles.

Joshua Sewell, director of research and policy at Taxpayers for Common Sense, stated that year-round E15 sales would help the ethanol industry and no one else. Sewell added that ending President Donald Trump's tariffs on foreign goods would create more stability and predictability for farmers, consumers, and taxpayers, as those tariffs have increased prices for fertilizer and other farm inputs.

The federal government provided multibillion-dollar bailouts to farmers in both the first and second Trump administrations to offset trade policy impacts.

The R Street Institute estimates the Renewable Fuel Standard added nearly $164 billion in costs to consumers from 2014 to 2023. Rep. ) introduced an amendment to the House Farm Bill to end the standard entirely.

5% in the 12 months through March, the largest increase since May 2023 and above the central bank's 2% target. S. 85 per gallon nationwide.

5 billion for border security, cybersecurity, and disaster response programs.