Western Digital Corp. (...

Are techs back and ready for another run-up? No one really knows. If technology plays are poised for a resurgence, the catalysts of today are much different than those of the past. However, the support level that the tech-laden Nasdaq recently touched was not too far off from the bottom it hit in late 2002.

After seeing the 2002 bottom, the Nasdaq gained approximately 160% during the 5 years that followed before tumbling again. Will the Nasdaq, coming off a recent bottom, bring similar or bigger profits? We'll have to wait and see. But why watch from the sidelines? Why not pick a few solid tech plays and ride the wave higher should there be another 5-year surge.

Using the Research Wizard, I found Zacks #1 Rank (Strong Buy) plays that are poised to deliver strong results over the long-term.

3 Tech Plays

Western Digital Corp. (WDC)

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Western Digital Corporation (WDC), the second largest hard drive manufacturer in the world, announced fourth-quarter 2009 results after the bell and easily surpassed expectations. The company reported earnings per share of 76 cents, compared to the Zacks Consensus Estimate of 27 cents.

Revenue fell to $1.9 billion from $2 billion in the year-ago quarter, but the company shipped 40 million hard drives compared to 35.2 million in fourth quarter 2008.

WDC continues to generate cash, adding another $349 million during the quarter and upping its cash hoard to $1.8 billion from $1.6 billion at the end of the last quarter.

"In the June quarter, we responded promptly to capitalize on unexpected market upside in each of our served markets to produce financial results that significantly exceeded expectations, and included a return to our targeted gross margin and operating expense model parameters," said John Coyne, president and chief

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Western Digital Corp. (WDC) said it would buy privately held SiliconSystems for $65 million in cash to expand into the growing Solid State Disk (SSD) market.

Western Digital Chief Executive John Coyne said, "SiliconSystems' intellectual property and technical expertise will significantly accelerate WD's solid-state drive development programs for the Netbook, client and enterprise markets." Western Digital is already a market leader in the notebook industry with its 2.5-inch drives.

Although the Fremont, California-based company expects the acquisition to add to its revenue and margins, Western Digital shares shed nearly 5% to trade at $18.14 amid the broader slump in the market.

"WDC" Free Stock Analysis: Buy? Sell? Hold?Zacks Investment Research