Seagate Guidance Lifts Stock (STX, WDC)

Posted in pre-market 
September 23rd, 2009

Seagate Technology (NASDAQ: STX) is cruising higher after it raised guidance.  The drive and storage systems maker followed Western Digital (NYSE: WDC).  It now sees Q1 revenue to be at or slightly above the high end of its original guidance range of $2.4 to $2.6 billion versus Thomson Reuters consensus estimate of $2.54 billion. Shares were up only about 2% in the wee-hours, butat 8:14 AM EST we have seen a gain of almost 4.4% to $16.36 on close to 40,000 shares of stock traded.  The average volume is about 12 million shares, and the volume here is likely to rocket once the specialist-controlled stock gets closer to the opening bell.  WDC had already made its guidance, and its shares are up under 1% at $36.50 on light volume. -JON OGG

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