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News Breaks
January 29, 2013
13:19 EDTSTX, WDCWestern Digital slumps following competitor's guidance
Hard disk drive maker Western Digital (WDC) is sinking after its competitor, Seagate (STX), reported stronger than expected second quarter results, but provided lower than expected third quarter revenue guidance. Seagate added that industry-wide hard disk shipments dropped 3% during its second quarter, compared with the previous three months. Seagate also stated that it was having difficulty forecasting future demand for its products. In a note to investors earlier today, Deutsche Bank analyst Sherri Scribner wrote that Seagate's outlook was similar to the prognosis provided by Western Digital last week. Both companies expect the total hard drive market to be flat to down slightly during the first three months of 2013, according to the analyst. Scribner, however, raised her price target on Seagate to $40 from $30, as she believes that the stock warrants a higher price to earnings multiple in light of what she sees as "positive dynamics" in the hard disk drive market. The analyst maintained a Hold rating on Seagate. In mid-afternoon trading, Western Digital fell $3.17, or 6.52%, to $45.47, while Seagate tumbled $3.63, or 9.70%, to $33.78.
News For WDC;STX From The Last 14 Days
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November 19, 2015
10:00 EDTSTXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Dick's Sporting (DKS) upgraded to Buy from Neutral at Monness Crespi... Fairchild (FCS) upgraded to Neutral from Underperform at Credit Suisse... Fiesta Restaurant (FRGI) upgraded to Strong Buy from Outperform at Raymond James... General Dynamics (GD) upgraded to Buy from Hold at Argus... Genomic Health (GHDX) upgraded to Outperform from Market Perform at Cowen... National Grid (NGG) upgraded to Outperform from Sector Perform at RBC Capital... ON Semiconductor (ON) upgraded to Buy from Neutral at Citi... Papa John's (PZZA) upgraded to Buy from Neutral at Sidoti... QEP Resources (QEP) upgraded to Buy from Neutral at Goldman... Seagate (STX) upgraded to Buy on selloff, dividend yield at Craig-Hallum... Sunoco (SUN) upgraded to Outperform at Credit Suisse... Tetraphase (TTPH) upgraded to Buy from Neutral at SunTrust... Wendy's (WEN) upgraded to Conviction Buy from Neutral at Goldman.
07:28 EDTSTXSeagate upgraded to Buy on selloff, dividend yield at Craig-Hallum
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November 18, 2015
08:19 EDTSTXRBC Capital to hold a tour
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November 17, 2015
11:10 EDTWDCMicron the most likely target for Tsinghua stake, says Macquarie
Macquarie analyst Deepon Nag highlighted yesterday that Tsinghua Unigroup Chairman Zhao Weiguo told Reuters in an interview that his company was in talks with a U.S. semiconductor company, and that a deal could be announced as early as the end of the month. Zhao stated that a majority stake was unlikely due to regulatory concerns. Given recent moves by China in the memory market, Micron (MU) is the most likely target for Tsinghua, Nag wrote in a note to investors. Tsinghua recently announced a 15% stake in Western Digital (WDC) at a 33% premium to the company's prior closing price. A similar premium for Micron would lead to a 15% stake in Micron for $20 per share, which would equal $3.4B, the analyst points out. Shares of Micron are up 46c, or 3%, to $15.35 in late morning trading. Nag has an Outperform rating on Micron with a $30 price target.
November 12, 2015
16:41 EDTSTXSeagate announces formation of Seagate Government Solutions
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