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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
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April 16, 2015
06:31 EDTWDCWestern Digital assumed with an Overweight at JPMorgan
Price target lowered to $105 from $115.
06:31 EDTSTXSeagate assumed with a Neutral at JPMorgan
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April 15, 2015
10:00 EDTWDC, STXOn The Fly: Analyst Initiation Summary
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06:07 EDTSTXSeagate initiated with a Buy at Maxim
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06:07 EDTWDCWestern Digital initiated with a Buy at Maxim
Target $131.
April 14, 2015
10:01 EDTSTX, WDCOn The Fly: Analyst Upgrade Summary
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06:25 EDTWDCWestern Digital upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill upgraded Western Digital to Buy and maintained its $117 price target. The firm believes fundamentals have bottomed and valuation is attractive at current levels. BofA/Merrill lowered estimates on further PC weakness but said pricing is holding up and the mix shift to capacity HDDs is driving ASP and margin improvement.
06:25 EDTSTXSeagate upgraded to Neutral from Underperform at BofA/Merrill
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April 13, 2015
07:24 EDTWDCWestern Digital added to Franchise Pick List at Jefferies
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April 12, 2015
16:46 EDTSTXIntel, Seagate may rise despite potentially weak earnings reports, Barron's says
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April 10, 2015
07:23 EDTSTXSeagate April volatility elevated into Q3 and outlook
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April 9, 2015
18:11 EDTSTXWorldwide PC shipments decline 6.7% in Q1, IDC says
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April 7, 2015
15:03 EDTSTXSeagate April volatility elevated
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09:35 EDTSTXActive equity options trading on open
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08:06 EDTSTXSeagate says LaCie doubles capacity of Rugged Thunderbolt SSD
LaCie, the premium brand from Seagate Technology, announced that its Rugged Thunderbolt storage solution will be available in a 1 TB SSD capacity. With double the storage, the new LaCie Rugged is just as portable with no size or weight increase compared to the 500 GB offering.
April 6, 2015
15:58 EDTWDCNeedham says an acquisition of SanDisk is unlikely
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13:35 EDTWDC, STXSanDisk climbs after being identified as 'excellent' takeover target
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10:58 EDTWDCWestern Digital calls active on SanDisk speculation.
Western Digital (WDC) May 92 and 97 are active on 2,500 contracts versus 200 puts following a report by Susquehanna that speculates the company should consider an acquisition of SanDisk (SNDK). The firm believes Western Digital acquiring SanDisk's NAND supply and flash IP would be a transformational move for the company and a 35% premium, or $86 per share, purchase price for SanDisk would be accretive by year two.
08:33 EDTWDCWestern Digital acquisition of SanDisk would be compelling, says Susquehanna
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April 5, 2015
08:43 EDTSTXAT&T, Philip Morris, eight others have reliable yields up to 5.7%, Barron's says
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