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Stock Market & Financial Investment News

News Breaks
December 18, 2012
10:13 EDTSTXSeagate moves higher, potential bullish pattern near to triggering
The shares are outperforming the broader indexes today, last up over 3.4%. There is a potential bullish pattern on the daily chart, a bullish, inverted, head and shoulders, that will become active on a breakout above $30. Upside potential for that pattern, if it becomes active and reaches its full potential, is to the $35 area. Resistance is at $30. Support is at $28.62.
News For STX From The Last 14 Days
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July 6, 2015
18:22 EDTSTXAMD plummets after PC headwinds result in lower Q2 revenue view
Shares of semiconductor maker AMD (AMD) are sliding after the company reduced its second quarter revenue view. WHAT'S NEW: AMD lowered its Q2 revenue view to down 8% sequentially from a prior view of decreasing 3%, plus or minus 3% that the company gave with its first quarter earnings results back in April. The company attributed the decreased view for revenue to weaker than expected consumer PC demand. Along with its lower Q2 revenue view the chip maker lowered its Q2 non-GAAP gross margin view to approximately 28%, compared to the previous non-GAAP guidance of approximately 32% primarily due to a higher mix of Enterprise, Embedded and Semi-Custom segment sales and lower than anticipated Computing and Graphics segment APU unit volumes due to weaker than expected OEM PC product demand. WHAT'S NOTABLE: Shares of PC related stocks have been struggling recently after several research firms issued cautious views on the group. On May 19, Morgan Stanley said it was more cautious on PC names near-term, given PC and HDD inventory builds quarter-to-date and weaker April ODM sales. The firm's analyst team at the time said it continued to believe Q1 was a bottom in year-over-year growth, but now expects normal Q2 seasonal growth instead of above normal and thinks any recovery will likely be delayed until Q3. On June 23, JP Morgan issued a cautious note on hard disk drive makers Western Digital (WDC) and Seagate Technology (STX), citing continuing negative PC data. The firm said it saw little evidence that fundamentals in the PC space were improving, citing negative comments on PC demand from HP (HPQ), Avago (AVGO), and Micron (MU) over the last month. More recently, on June 25, chip maker Micron reported third quarter results and current quarter guidance below expectations, citing near term headwinds attributable to PC headwinds. PRICE ACTION: Shares of AMD are down over 14% in after-hours trading to $2.12. OTHERS TO WATCH: Other companies that may be exposed to PC weakness include Microsoft Corporation (MSFT), Intel Corporation (INTC), NVIDIA (NVDA), SanDisk (SNDK), and Apple (AAPL).
09:24 EDTSTXSeagate TAM estimates appear below guidance, says Cleveland Research
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06:49 EDTSTXSeagate, Western Digital selloffs overdone, says at Deutsche Bank
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July 2, 2015
07:29 EDTSTXSeagate, Western Digital should be bought after earnings, says Citi
Citi sees near-term risk to shares of Seagate (STX) and Western Digital (WDC) due a "high probability" of weaker than expected Q2 results with a "significant" guide-down for Q3. PC demand has continued to deteriorate, which will weigh on the results of hard-disk-drive companies, Citi tells investors. The firm, however, believes the shares of both companies should be bought on the post-earnings weakness. It believes Q3 outlooks could bring the last cut to earnings estimates. Citi lowered its price target for Seagate to $55 from $63 and for Western Digital to $100 from $115. It keeps a Buy rating on both names.
June 29, 2015
08:08 EDTSTXJefferies sees recent weakness as attractive entry point in PC names
Jefferies analyst James Kisner cut his PC unit expectations for 2015 and 2016, citing recent negative data points including Micron's (MU) commentary and guidance, but added that he believes PC names may be finding a bottom and that the pullback in Western Digital (WDC), Seagate (STX), and HP (HPQ) creates an attractive entry point in all three stocks. Kisner sees the most potential upside in Western Digital, but lowered his price target on its shares to $116, and said HP may have the least potential downside, cutting his price target on the computer maker to $40.50. The firm keeps Buy rating on both HDD makers and on HP.
June 25, 2015
17:56 EDTSTXMicron plunges after Q3 results, guidance impacted by PC headwinds
Shares of PC related memory chip maker Micron Technology (MU) are plunging after reporting third quarter financial results and fourth quarter guidance that missed analyst expectations. WHAT'S NEW: After the close, Micron reported Q3 earnings per share of 54c on revenue of $3.85B, both shy of analyst estimates of 56c and $3.9B, respectively. Citing "near-term headwinds driven primarily by weakness in PC sector," Micron gave a fourth quarter revenue view of $3.45B-$3.7B which was significantly lower than analyst expectations of $4.16B. WHAT'S NOTABLE: On the company's earnings conference call, Micron said, consistent with prior expectations, "We are forecasting DRAM industry supply bit growth in the mid-20s in calendar 2015 and in the low-to-mid 20s in 2016." The company said it sees DRAM gross margins for Q4 down mid-single digits sequentially. Additionally, the chip maker said it sees Q4 DRAM bit growth flat to up low single digits. ANALYST TAKE: On June 22, Micron was downgraded to Sell from Neutral at Goldman Sachs. Goldman analyst Mark Delaney downgraded Micron Technology to Sell saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for shares to $19 from $27. On the same day, JP Morgan lowered its price target on Micron shares to $33 from $37. The firm also lowered its estimates for Micron citing lower than anticipated DRAM pricing in the past three months. The firm, however, kept an Overweight rating on Micron, saying improving demand in other segments like mobile and the company's decision to not hold inventory during Q3 should help offset the DRAM weakness. PRICE ACTION: Shares of Micron are lower by 11.5% in after- hours trading to $21.25. OTHER PC RELATED STOCKS: In after-hours trading, PC related chip makers are also lower, with Intel Corporation (INTC) down 0.9%, NVIDIA (NVDA) lower by 1.1%, and AMD (AMD) down fractionally. Others trading lower include Microsoft (MSFT), SanDisk (SNDK), Hewlett-Packard (HPQ), and Seagate (STX).
June 23, 2015
12:54 EDTSTXPC concerns weighing on shares of Seagate, Western Digital
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06:25 EDTSTXWestern Digital downgraded to Neutral from Overweight at JPMorgan
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