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JAN 29, 2013 - MarketWatch

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Seagate shares slip following results, downgrade

SAN FRANCISCO (MarketWatch) -- Shares of Seagate Technology slipped more than 5% in pre-market trades on Tuesday morning after the disk-drive maker reported a 13% decline in earnings for its second fiscal quarter and issued conservative guidance for the current period. Rob Cihra of Evercore Partners called the results "solid" based on prior expectations, citing "competitive consolidation, good inventory management and limited capex" as drivers for the quarter. But he cut his rating to equal-weight, or neutral, noting that the stock is already above his $35 price target. Market Pulse Stories ... Read More

Tags: Seagate shares slip following results, downgrade,  Seagate Technology Latest News