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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 14, 2014
10:02 EDTSTXOn The Fly: Analyst Upgrade Summary
Acorda Therapeutics (ACOR) upgraded to Outperform from Market Perform at FBR Capital... Allegheny Technologies (ATI) upgraded to Neutral from Underperform at Sterne Agee... BP (BP) upgraded to Buy from Hold at Canaccord... Bloomin' Brands (BLMN) upgraded to Buy from Hold at Deutsche Bank... Boardwalk Pipeline (BWP) upgraded to Neutral from Underperform at BofA/Merrill... Boston Scientific (BSX) upgraded at BofA/Merrill... Charles Schwab (SCHW) upgraded to Buy from Neutral at UBS... Citigroup (C) upgraded to Hold from Sell at Rafferty Capital... Community Health (CYH) upgraded to Outperform from Perform at Oppenheimer... Eaton Vance (EV) upgraded to Neutral from Sell at Citigroup... Eli Lilly (LLY) upgraded to Hold from Underperform at Jefferies... F5 Networks (FFIV) upgraded to Buy from Hold at Stifel... HeartWare (HTWR) upgraded to Buy from Neutral at BTIG... Heartland Payment (HPY) upgraded to Hold from Sell at Stifel... Hyatt Hotels (H) upgraded to Outperform from Market Perform at FBR Capital... MasterCard (MA) upgraded to Outperform from Neutral at RW Baird... McDermott (MDR) upgraded to Neutral from Underweight at HSBC... Palo Alto (PANW) upgraded to Overweight at Stephens... PetroChina (PTR) upgraded to Neutral from Underperform at Credit Suisse... Seagate (STX) upgraded to Buy from Hold at Argus... Sensata (ST) upgraded to Buy from Neutral at Citigroup... Stryker (SYK) upgraded to Neutral from Reduce at SunTrust... TD Ameritrade (AMTD) upgraded to Buy from Neutral at UBS... TTM Technologies (TTMI) upgraded to Buy from Hold at Stifel... Transocean (RIG) upgraded to Hold from Sell at Deutsche Bank... VMware (VMW) upgraded to Outperform from Underperform at CLSA... Visa (V) upgraded to Outperform from Neutral at RW Baird... Yahoo (YHOO) upgraded to Buy from Neutral at SunTrust... Zimmer (ZMH) upgraded to Neutral from Reduce at SunTrust... bebe stores (BEBE) upgraded to Buy from Neutral at Janney Capital.
07:32 EDTSTXSeagate upgraded to Buy from Hold at Argus
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