Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Dycom (DY) initiated with an Overweight due to the company's position to benefit over multiple years as telecommunications and cable companies deploy large amounts of capital to upgrade their infrastructure to meet the increasing data demands of their customers. 2. FuelCell (FCEL) initiated with a Buy at Roth Capital by analyst Craig Irwin, who said the company is the "premiere provider of clean distributed generation solutions." 3. MicroStrategy (MSTR) initiated with a Buy at Citi with analyst Walter Pritchard saying the company offers the best way to invest in the trend of data analytics "getting in the hands of a broadening population of business users." 4. Western Digital (WDC) initiated with a Market Perform at Cowen by analyst Karl Ackerman, who cited cautious near-term fundamentals as the SanDisk (SNDK) transaction could pressure earnings. 5. Hutchison China MediTech (HCM) initiated with a Buy at BofA/Merrill, Canaccord and Stifel. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Sees Q4 revenue $3.6B-$3.8B, consensus $3.69B.

Reports Q3 GAAP EPS 34c. Reports Q3 revenue $3.46B, consensus $3.36B. "As evidenced by our excellent third quarter results, Western Digital continues improving through-cycle profitability and dampening business cycles by leveraging our strategy of developing a diversified portfolio of industry-leading products across a broad range of end markets," said David Goeckeler, Western Digital CEO. "We are in the early innings of unlocking the full potential of this company, and as industry supply and demand dynamics continue to improve, we will remain disciplined around our capital spending and focused on driving innovation and efficiency across our businesses. We are confident in our strategy and the actions we have taken to-date, which successfully position us to capitalize on the promising growth prospects that lie ahead."

Pre-earnings options volume in Western Digital is 1.4x normal with calls leading puts 7:5. Implied volatility suggests the market is anticipating a move near 6.2%, or $4.32, after results are released. Median move over the past eight quarters is 2.1%.