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If the stock goes up today, this is another confirmation of a reversal candle stick ( immediately after the previous one, green candle was 40% higher of previous red candle body ).
On top of it, it has not broken multiple times through the resistance level of $83,90.
Be ready to buy, next days will be bullish, so for very short term for sure!
Seagate Beat Earnings Forecasts. Why the Stock Is Falling.
By Eric J. Savitz
Updated Oct. 23, 2020 8:14 am ET / Original Oct. 22, 2020 6:44 pm ET
Seagate, the Fremont Research Center building Silicon Valley
Seagate Technology shares are falling sharply in late trading Thursday following the disk-drive maker’s September quarter earnings report. as the company continues to see lingering impact on its business from the pandemic-related economic slowdown.
For the fiscal first quarter, Seagate (ticker: STX) posted revenue of $2.31 billion, down 10.2% from a year ago, and slightly below the Street consensus at $2.34 billion. The company had projected revenue of $2.3 billion, give or take $200 million. Non-GAAP profits were 93 cents a share, down from $1.03 a year ago, but above the company’s forecast of 85 cents a share, plus or minus 15 cents. It beat the Wall Street consensus for 88 cents.
The company also said its board approved a $3 billion increase in its share repurchase authorization, boosting the total to $4.2 billion. And Seagate increased its dividend by 3%, or 2 cents, to 67 cents quarterly.
Seagate said in a presentation created for this afternoon’s earnings call that Covid-related costs “remain a margin headwind,” though slightly better than originally expected. Non-GAAP gross margin was 26.5%, down from 27.3% in the June quarter and 26.7% a year ago.
Total drive capacity shipped in the quarter was 114.4 exabytes, down from 117 exabytes in the June quarter and 120 exabytes in the March quarter. Average capacity per drive was 8.2 terabytes, down from 9.2 terabytes one quarter earlier. Free cash flow fell to $186 million, from $274 million in the June quarter and $309 million a year ago. Meanwhile, days inventory outstanding jumped to 70, from 56, while days payables outstanding stretched to 95, from 89.
For the December quarter, Seagate sees revenue of $2.55 billion, give or take $200 million, with non-GAAP profits of $1.10 a share, plus or minus 15 cents. Street consensus has been $2.48 billion and $1.08 a share.
“Seagate delivered solid September quarter results supported by strong recovery in the video and image applications market and healthy cloud data center demand, which drove double digit year-over-year revenue growth for our mass capacity storage solutions,” CEO Dave Mosley said in a statement. “We see indications for Enterprise demand to improve and we expect this to continue as the broader markets gradually recover, supporting our positive December quarter outlook and reinforcing our revenue expectations for the fiscal year.”
Seagate was off 2.9%, to $50.30 in premarket trading. Shares of disk-drive rival Western Digital (WDC) are off 1.7%, to $42.21
The thing about STX is you have a foreign tax on the dividend.
and its a 25% tax.
Basically on 1000 shares - you get your div of $650 bucks but then at the same time you have $162.50 removed from your account for 'Foreign tax paid'.
So your 650.00 quarterly income just dropped to $487.50
or a .4875 div (after foreign tax automatically withdrawn at the same time your account receives the dividend)
So.... technically that means YOU aren't really getting an annual dividend of 2.60 (unless you don't pay a foreign tax)
Once the tax is paid you are actually getting 1.95 or 4.3% annual returns based on todays PPS
But STX has a good chance of a PPS rise and there is that.
News: $STX 3 Top Dividend Stocks With Yields Over 5%
As the market faces uncertain headwinds in the aftermath of COVID-19, the unresolved trade war, and other macro challenges, investors should make sure they're holding some high-quality dividend stocks that can weather the storm. These companies should have wide moats, sustainable payout ratios...
Read the whole news STX - 3 Top Dividend Stocks With Yields Over 5%
They gotta stay afloat somehow, this will all blow over eventually
News: $STX 3 Recession-Ready Stocks to Buy Right Now
All of the hoopla about recession has been seemingly forgotten. The jobs reports for the U.S. indicate businesses are still hiring, U.S. consumers are still spending, and even the manufacturing sector is showing signs of picking up again. Perhaps the most worrisome sign from earlier this year, t...
Got this from STX - 3 Recession-Ready Stocks to Buy Right Now
News: $STX Better Buy: Seagate Technology vs. Intel Corporation
Seagate Technology (NASDAQ: STX) and Intel (NASDAQ: INTC) are two major component suppliers for PCs and data centers. Seagate is the world's second largest maker of platter-based HDDs (hard disk drives) after Western Digital (NASDAQ: WDC) , while Intel is the leading maker of x86 CPUs...
Find out more STX - Better Buy: Seagate Technology vs. Intel Corporation
News: $STX Seagate Technology Reports Fiscal Third Quarter 2019 Financial Results
Revenue of $2.31 billion GAAP diluted earnings per share (EPS) of $0.69; non-GAAP diluted EPS of $0.83 Cash flow from operations of $438 million and free cash flow of $291 million Returned $505 million to shareholders; declared cash dividend of $0.63 per share Seagate Te...
In case you are interested https://marketwirenews.com/news-releases/seagate-technology-reports-fiscal-third-quarter-2019-financial-results-8083120.html
Seagate Tech $STX Drops After Downgrade, Watch This Trade Level
This morning, leading tech stock, Seagate Technology PLC (NASDAQ:STX), is declining sharply lower after being downgraded. The stock is falling by 9.66 percent to 48.39 a share. Traders should note that STX stock is now trading below its 50 and 200-day moving averages. This formation puts the stock in a weak technical position on the charts. Traders must now look lower for solid support. One area that looks to be a strong potential trade level is around the $43.00 range. This area is where there is a major weekly chart gap fill from early January. Often, the institutional traders will defend a major gap area when filled and tested.
Seagate Technology $STX Chart Breaks, Nasty Collapse Underway
Shares of Seagate Technology (NASDAQ: STX) fell sharply lower on Thursday, falling over 7% to $51.00. This collapse is major and investors should be worried. The stock chart not only broke below the daily 200 moving average, but breached an epic trend line of support. The break of both these levels will likely spell significant downside for Seagate Tech in the coming months. A drop to $43.00 looks likely.
Seagate is NOW TODAY the best bitcoin play EVER!!!!
They (Seagate) owns an asset that is worth almost 70% of their market cap.
Market is valuing Seagate operations at near 0.
This is just like the Veritas days when Seagates ownership in that was greater than the Seagate market cap!....believe it or not.
Better look at your chart...I see STX trading PM close to $40.
This one on watch. First I think the big drop from 50 was way oversold, they barely missed revenue. Second, 45 million shares short. If it can break 34 I think there is serious upside. Third, healthy dividend, as the market kinda goes sideways people may look more closely at safe stocks with decent dividends to park it for a while
Just my two cents
STX just as strange 3 months later. ~ $8 total swing from close 7/24--> open 7/25.
Ate up call options @ $41.90 on the overreaction.
Disk Drive Stocks Dive After Seagate Earnings
This morning, leading data storage and disk drive maker Seagate Technologies PLC (NASDAQ:STX) reported earnings. Today, the stock is trading lower by $1.46 to $33.88 a share. STX stock is now trading down to its recent daily chart double bottom from October 13th, 2016. This level seems to be holding as support so far today. Should this support level break the next near term support level for STX stock will be around the $31.34 level. Western Digital Corp(NASDAQ:WDC) is another leading stock in the disk drive sector that is trading lower in sympathy to STX today.
Just a question. Do you know why STX didn't pay a dividend in late August. It is paying one in early Oct. did I miss something?
Coming quarter earnings expected to be good with a projected PPS of $45.00