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Stock Market & Financial Investment News

News Breaks
January 29, 2013
13:19 EDTWDC, STXWestern 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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August 31, 2014
13:58 EDTSTXBrean Capital to hold a conference
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August 26, 2014
08:04 EDTSTXSeagate says shipping 8TB hard disk drives
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August 25, 2014
18:27 EDTWDCOn The Fly: After Hours Movers
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16:17 EDTWDCWestern Digital CFO Leyden to retire, Olivier Leonetti to succeed
Western Digital (WDC) announced that CFO Tim Leyden is retiring. He is being succeeded by Olivier Leonetti, who has served as vice president, finance at Amgen (AMGN) from 2011. Leyden will remain with the company through January 2015 in a transition role and advisory capacity to president and chief executive officer Steve Milligan and to Leonetti for an interim period to ensure a smooth transition. The changes are effective as of September 8.

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