Seagate Technology Gains After Guidance

Seagate Technology PLC (NASDAQ: STX) gained 5.62% to $17.75 in the morning hour after the company said that it expects second-quarter sales to be between $3.1 billion and $3.2 billion, from an earlier forecast of $2.8 billion. The company shipped 47 million disk drives in the quarter that ended Dec. 30.

Moreover, the company expects to report sales of $4.2 billion to $4.5 billion for its fiscal third quarter, while analysts had forecast revenue of $3.8 billion.

Seagate will give its full second-quarter report on January 31, 2012. Seagate Technology designs, manufactures, markets and sells hard disk drives.

Seagate produces a range of disk drive products addressing enterprise applications, where its products are designed for enterprise servers, mainframes and workstations; client compute applications, where its products are designed for desktop and notebook computers, and client non-compute applications, where its products are designed for a range of end user devices, such as digital video recorders (DVRs), personal data backup systems, portable external storage systems and digital media systems.


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