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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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October 24, 2014
10:43 EDTSTXSeagate technical comments ahead of earnings
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October 23, 2014
12:43 EDTSTXSeagate weekly volatility increases into Q1 and outlook
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October 22, 2014
16:46 EDTSTXSeagate increases targeted annual dividend 26% to $2.16
Seagate Technology announced that its board of directors has approved a 26% increase in the company’s targeted regular cash dividend. The targeted annual dividend will increase from $1.72 to $2.16 per share and will continue to be paid quarterly. The first payment at the new quarterly rate of 54c per share is scheduled to be paid on November 25 to stockholders of record as of the close of business on November 11. The declaration and payment of any future quarterly dividends will continue to be at the discretion of the board of directors and will be dependent upon Seagate’s financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the board
October 19, 2014
12:14 EDTWDCWestern Digital looks like inexpensive big data play, Barron's says
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