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Stock Market & Financial Investment News

News Breaks
January 28, 2014
12:02 EDTSTX, WDCSeagate plunge after results weighs on peer Western Digital
Hard disk drive maker Seagate Technology (STX) is one of today's losers after the company's second quarter results and third quarter guidance fell below expectations. WHAT'S NEW: Last night, Seagate reported second quarter earnings per share of $1.32 and revenue of $3.53B, compared to analysts' consensus estimates of $1.38 and $3.56B, respectively. The company forecast Q3 revenue of at least $3.4B compared to expectations of $3.46B. The company said it expects its Q3 adjusted gross margins to be essentially flat sequentially. ANALYST REACTION: Despite Seagate's poor results, analyst commentary was decidedly upbeat. Research firm Pacific Crest said Seagate's shares were still attractive despite its weaker than expected results. The firm thought that the company's Xyratex unit could help it increase its enterprise share. Pacific Crest kept a $65 price target and Outperform rating on the shares. Two other firms, Brean Capital and Needham, both said weakness in Seagate represented a buying opportunity. Conversely, JP Morgan said Seagate was likely to see pressure in the near-term. The firm recommended taking advantage of the weakness, but kept a Neutral rating on the shares. PRICE ACTION: In late morning trading, Seagate tumbled $6.50, or about 11% to $51.57 on more than twice its average daily trading volume. Over the past twelve months, the stock has gained approximately 37% and made a 52-week high of $62.76 earlier this month. OTHERS TO WATCH: Seagate's main competitor, Western Digital (WDC), is down about 1% on the session. In its own quarterly report, issued about a week ago, Western Digital beat expectations on both the top and bottom line but gave an earnings outlook for the current quarter that missed the consensus expectation at the time.
News For STX;WDC From The Last 14 Days
Check below for free stories on STX;WDC the last two weeks.
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August 31, 2014
13:58 EDTSTXBrean Capital to hold a conference
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August 26, 2014
08:04 EDTSTXSeagate says shipping 8TB hard disk drives
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August 25, 2014
18:27 EDTWDCOn The Fly: After Hours Movers
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16:17 EDTWDCWestern Digital CFO Leyden to retire, Olivier Leonetti to succeed
Western Digital (WDC) announced that CFO Tim Leyden is retiring. He is being succeeded by Olivier Leonetti, who has served as vice president, finance at Amgen (AMGN) from 2011. Leyden will remain with the company through January 2015 in a transition role and advisory capacity to president and chief executive officer Steve Milligan and to Leonetti for an interim period to ensure a smooth transition. The changes are effective as of September 8.

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