Shares of Seagate Tech. (STX) Trade Down on Western Digital's (WDC) Comments
Tweet
Share
E-mailGet Alerts STX Hot Sheet
Join SI Premium – FREE
Shares of Seagate Technology (Nasdaq: STX) were trading down over 3 percent, but are now trading roughly flat in the early hours of trading following an announcement by Western Digital (NYSE: WDC) to increase its outlook.
Management at Western Digital also reported that, “The company will be vigorously contesting the arbitration decision announced November 21, 2011, in the legal matter with Seagate and has not yet determined the accounting treatment associated with this matter.”
Shipment forecasts for the December quarter from Western Digital’s management team calls for industry shipments of approximately 120 million units, on demand of 170 to 180 units.
Management at Western Digital also reported that, “The company will be vigorously contesting the arbitration decision announced November 21, 2011, in the legal matter with Seagate and has not yet determined the accounting treatment associated with this matter.”
Shipment forecasts for the December quarter from Western Digital’s management team calls for industry shipments of approximately 120 million units, on demand of 170 to 180 units.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boeing names Ryan Shedd as new SVP and controller
- Kimbell Royalty closes $221.2M mineral rights acquisition
- loanDepot receives NYSE non-compliance notice over stock price
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
