Tag Archives: stx

Seagate Takes Double-Digit Tumble As Earnings Miss

Seagate Technology (STX) stock fell by double-digit percentages Thursday after the data storage provider preannounced fiscal Q1 revenue that missed Wall Street expectations and projected a gross profit margin that was short of the company’s own forecasts. Seagate shares were down more than 14% in midday trading in the stock market today, at a two-year low under 41. It would mark the fourth straight losing session for the company that, along with

SanDisk Could ‘Bulk Up’ With Potential Sale: Analyst

SanDisk (SNDK) stock skyrocketed Wednesday on rumors the Milpitas, Calif.-based chipmaker might be acquired by Micron Technology (MU) or Western Digital (WDC). Bloomberg reported late Tuesday that SanDisk had contacted bankers to explore a possible sale. Besides Micron and Western Digital, Summit Research analyst Srini Sundararajan says Seagate (STX) and SK Hynix also are potential suitors. SanDisk didn’t immediately return a call requesting

Seagate Earnings Challenged By Weak PC Demand, Europe

Disk drive giant Seagate Technology (STX) reported mixed quarterly earnings Friday, hampered by slow growth in the PC market and weakness in Europe. Seagate reported revenue of $3.3 billion, down 2% from the year-earlier quarter and below the consensus estimate of $3.4 billion, for its fiscal third quarter ended April 3. Seagate reported earnings before the market open. Earnings per share minus items of $1.08 fell 19%, yet beat the consensus