Seagate Tech Hldgs Option Alert: Apr 17 $105 Puts at the Ask: 750 vs 95 OI

Seagate Tech Hldgs Option Alert: Apr 17 $105 Puts at the Ask: 750 @ $7.3 vs 95 OI; Ref=$101.36

Seagate Tech Hldgs 株価情報 (NASDAQ: STX)

Seagate Tech Hldgs (NASDAQ:STX) 株価情報

Seagate Tech Hldgs

Seagate is a leading supplier of hard disk drives for data storage to the enterprise and consumer markets. It forms a practical duopoly in the market with its chief rival, Western Digital; they are both vertically integrated.

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Seagate Technology Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>)&nbsp;is amid efforts to develop a <a target="_blank" href="https://www.benzinga.com/topic/seagate-technology" rel="noreferrer noopener">100-terabyte hard drive</a> by 2030.
Seagate&#8217;s chief commercial officer, BS Teh, <a target="_blank" href="https://www.cnbc.com/2025/05/07/seagate-to-triple-hard-drive-capacity-by-2030-to-meet-ai-demand.html" rel="noreferrer noopener">told</a> CNBC on Wednesday that the data storage firm aims to launch a drive with about three times the capacity of its top-notch hard drives by 2030.
The largest hard disk drive Seagate currently produces is the 36-terabyte Exos M model.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/price-target/25/04/45080030/western-digital-refocuses-after-post-sandisk-spin-off-as-analyst-highlights-ai-led-hdd-growth" rel="noreferrer noopener">Western Digital Refocuses Post-SanDisk Spin-Off As Analyst Highlights AI-Led HDD Growth</a>
Teh expressed conviction in strong demand, underlining the need for the 100-terabyte hard drive. Teh also said Seagate is amid efforts to counter climate concerns surrounding AI&#8217;s energy demands.
Teh expressed conviction in hard disk drive prospects, citing it as a much more sustainable device technology.
Big Tech&#8217;s 2025 <a target="_blank" href="https://www.benzinga.com/markets/25/02/43962882/meta-gears-up-for-ai-dominance-with-200-billion-data-center-project-report" rel="noreferrer noopener">AI infrastructure investments</a> included Amazon.com Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) $100 billion, followed by Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) at $80 billion each, and Meta committing over $60 billion.
Microsoft expects to spend $80 billion on data centers&nbsp;in fiscal 2025.
February reports indicated Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is in talks to build an AI data center campus that could exceed $200 billion in costs.
Seagate Technology Holdings stock gained close to 9% year-to-date. It reported <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/04/45116667/whats-going-on-with-seagate-technology-stock-wednesday" rel="noreferrer noopener">third-quarter sales</a> of $2.16 billion (versus $1.66 billion Y/Y), missing the analyst estimate of $2.31 billion. It reported adjusted earnings per share of $1.90, missing the analyst estimate of $2.09.
Seagate expects fourth-quarter revenue of&nbsp;$2.25 billion-$2.55 billion, versus the&nbsp;$2.43 billion estimate, and adjusted earnings of $2.20-$2.60&nbsp;per share, versus the&nbsp;$2.20&nbsp;analyst estimate.
Price Action: STX stock is up 1.16% at $94.99 at the last check on Wednesday.
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Seagate Bets On Mega-Sized, Sustainable Drives As AI Sparks Record Data Demand

Barclays analyst Tom O'Malley maintains Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) with a Equal-Weight and raises the price target from $80 to $90.

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Barclays Maintains Equal-Weight on Seagate Tech Hldgs, Raises Price Target to $90

Seagate Technology Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) shares traded higher on Wednesday. The company reported third-quarter earnings on Tuesday after <a href="https://www.benzinga.com//node/45082722">the market closed.</a>
What To Know: Seagate reported adjusted earnings per share of $1.90, missing the analyst estimate of $2.09. In addition, the company reported sales of $2.16 billion, missing the analyst estimate of $2.31 billion.
It reported cash&nbsp;flow from operations of&nbsp;$259 million&nbsp;and free cash flow of&nbsp;$216 million. Seagate also declared a cash dividend of 72 cents per share.
Outlook: For the fourth quarter, the company sees adjusted earnings per share from $2.20 to $2.60, versus the analyst estimate of $2.20. It expects sales from $2.25 billion to $2.55 billion, versus the analyst estimate of $2.43 billion.
&#8220;We remain focused on executing our HAMR product ramp to support ongoing cloud customer demand. While we navigate the current dynamic macroeconomic environment, we are confident that our technology leadership, resilient financial model and solid industry fundamentals will drive profitable growth through 2025 and beyond,&#8221; said Dave Mosley, Seagate CEO.
Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.
<ul>
<li>Wells Fargo analyst Aaron Rakers maintained an Equal-Weight rating on Seagate and lowered the price target from&nbsp;$120&nbsp;to&nbsp;$105.</li>
<li>UBS analyst Timothy Arcuri maintained a Neutral rating on Seagate and raised the price target from&nbsp;$80&nbsp;to&nbsp;$85.</li>
</ul>
STX Price Action: Seagate shares traded 8.97% lower at $88.92, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro.</a>
Related Link: • <a href="https://www.benzinga.com/personal-finance/25/04/45110643/dividend-investor-who-earned-18000-a-month-despite-bloody-selloff-shares-his-top-6-stock-picks">Dividend Investor Who Earned $18,000 a Month Despite &#8216;Bloody&#8217; Selloff Shares His Top 6 Stock Picks</a>
Image: This illustration was generated using artificial intelligence via Midjourney.

Movers

What's Going On With Seagate Technology Stock Wednesday?

Wall Street traded lower on the final session of the month, heading for its third consecutive monthly loss as economic data began reflecting the <a href="https://www.benzinga.com/topic/donald-trump">impact of Trump tariffs.</a>
U.S. GDP shrank by 0.3% in the last quarter, marking the first economic contraction since 2022 and missing forecasts for a 0.4% expansion. The decline was driven by a surge in imports and reduced government spending.
Labor market data also disappointed. The ADP National Employment Report showed private employers added just 62,000 jobs in April—the weakest gain in nine months and well below the expected 108,000.
By midday in New York, the S&amp;P 500 was down 1% to 5,500, on pace to end a six-day winning streak. Tech stocks in the Nasdaq 100 lagged ahead of earnings from industry titans Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) and Meta Platforms Inc.
Nine of the S&amp;P 500's eleven sectors were in the red, with only consumer staples and health care posting modest gains. Energy and consumer discretionary led the losses, falling 3.3% and 2.7%, respectively.
Commodities were broadly lower. Oil tumbled 3.7% to $58 a barrel, approaching its lowest close since March 2021. Copper—often seen as a gauge of global growth—plunged 5.2% to $4.60 per pound. Natural gas declined 2.5% to $3.17 per million British thermal units.
Bond markets were steady, with the 10-year Treasury yield hovering at 4.17%. Gold dipped 0.3% to $3,330 per ounce, while the U.S. dollar index (DXY) strengthened by the same margin.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) showed resilience, holding steady at around $93,000 despite broader market weakness.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,325.88</td>
<td>-0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,515.27</td>
<td>-0.8%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,330.85</td>
<td>-1.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,953.01</td>
<td>-1.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated by 1:20 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.9% to $549.56.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) eased 0.5% to $403.24.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;eased 1% to $470.</li>
<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 1.1% to $193.82.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
Stocks reacting to earnings reports included:
<ul>
<li>Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>): down 0.0%</li>
<li>Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>): down 0.1%</li>
<li>Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>): down 1.5%</li>
<li>Illinois Tool Works Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>): down 2.4%</li>
<li>Automatic Data Processing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADP#NASDAQ">ADP</a>): up 1.2%</li>
<li>Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>): down 1.3%</li>
<li>Trane Technologies plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TT#NYSE">TT</a>): up 7.6%</li>
<li>Martin Marietta Materials, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLM#NYSE">MLM</a>): up 2.9%</li>
<li>Vulcan Materials Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VMC#NYSE">VMC</a>): up 6.3%</li>
<li>Mondelez International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>): up 4.4%</li>
<li>PPG Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPG#NYSE">PPG</a>): up 4.0%</li>
<li>GE HealthCare Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>): up 3.8%</li>
<li>Arch Capital Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACGL#NASDAQ">ACGL</a>): down 3.1%</li>
<li>Fair Isaac Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FICO#NYSE">FICO</a>): down 0.6%</li>
<li>Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>): down 7.0%</li>
<li>Yum! Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>): up 0.7%</li>
<li>Costar Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>): down 9.7%</li>
<li>Veralto Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLTO#NYSE">VLTO</a>): up 2.1%</li>
<li>Seagate Technology Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>): up 8.8%</li>
<li>Western Digital Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>): up 6.4%</li>
<li>Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>): down 9.2%</li>
<li>Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>): up 0.0%</li>
<li>First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>): down 9.5%</li>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>): down 15.7%</li>
<li>Edison International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIX#NYSE">EIX</a>): down 9.1%</li>
<li>American Electric Power Company Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>): down 0.9%</li>
<li>Public Service Enterprise Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEG#NYSE">PEG</a>): down 2.3%</li>
<li>PPL Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPL#NYSE">PPL</a>): down 0.1%</li>
<li>Oneok Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>): down 7.5%</li>
<li>Hess Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>): down 3.2%</li>
<li>International Paper Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IP#NYSE">IP</a>): down 5.3%</li>
<li>Stanley Black &amp; Decker Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SWK#NYSE">SWK</a>): down 4.2%</li>
<li>Essex Property Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESS#NYSE">ESS</a>): up 0.1%</li>
<li>Equity Residential Properties Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>): up 0.2%</li>
<li>Regency Centers Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REG#NASDAQ">REG</a>): down 0.8%</li>
<li>Extra Space Storage Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXR#NYSE">EXR</a>): up 3.1%</li>
<li>BXP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BXP#NYSE">BXP</a>): down 3.7%</li>
<li>Caesars Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>): down 3.9%</li>
<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>): down 8.9%</li>
<li>Amcor Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMCR#NYSE">AMCR</a>): down 1.2%</li>
<li>Expand Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXE#NYSE">EXE</a>): down 3.5%</li>
</ul>
Stocks slated to report earnings after the bell include The Allstate Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>), Host Hotels &amp; Resorts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HST#NASDAQ">HST</a>), MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>), Everest Group Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EG#NYSE">EG</a>), Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), ANSYS Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANSS#NASDAQ">ANSS</a>), Public Storage (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSA#NYSE">PSA</a>), Globe Life Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GL#NYSE">GL</a>), PTC Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTC#NASDAQ">PTC</a>), Cognizant Technology Solutions Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTSH#NASDAQ">CTSH</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), UDR Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UDR#NYSE">UDR</a>), American Water Works Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AWK#NYSE">AWK</a>), Invitation Homes Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INVH#NYSE">INVH</a>), VICI Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VICI#NYSE">VICI</a>), AvalonBay Communities Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVB#NYSE">AVB</a>), Prudential Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>), Crown Castle Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>), Align Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGN#NASDAQ">ALGN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Equinix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQIX#NASDAQ">EQIX</a>), Aflac Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AFL#NYSE">AFL</a>), Ventas Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTR#NYSE">VTR</a>), Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>), Mid-America Apartment Communities Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAA#NYSE">MAA</a>), MetLife Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>), C.H. Robinson Worldwide Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHRW#NASDAQ">CHRW</a>), and KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>).
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Wall Street Falls On Weak Economic Data As Oil Slumps To $58: What's Driving Markets Wednesday

Wells Fargo analyst Aaron Rakers maintains Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) with a Equal-Weight and lowers the price target from $120 to $105.

Wells Fargo Maintains Equal-Weight on Seagate Tech Hldgs, Lowers Price Target to $105

U.S. stocks were lower, with the Dow Jones index falling around 200 points on Wednesday.
Shares of Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) rose sharply during Wednesday's session after the company reported better-than-expected third-quarter adjusted EPS results and issued fourth-quarter adjusted EPS guidance <a href="https://www.benzinga.com/quote/WDC/earnings">above estimates.</a>
Western Digital reported quarterly earnings of $1.36 per share which beat the analyst consensus estimate of $1.13 per share. The company reported quarterly sales of $2.29 billion which missed the analyst consensus estimate of $2.36 billion.
Additionally, the company declared a quarterly dividend of $0.10 per share.
Western Digital jumped 6.5% to $43.24 on Wednesday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Regencell Bioscience Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGC#NASDAQ">RGC</a>) jumped 59% to $50.14.</li>
<li>Oddity Tech Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODD#NASDAQ">ODD</a>) gained 18.8% to $55.99 after the company reported better-than-expected first-quarter financial results and raised its FY25 guidance.</li>
<li>Concord Medical Services Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCM#NYSE">CCM</a>) gained 16.6% to $9.15.</li>
<li>Cantor Equity Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) jumped 15.5% to $37.81.</li>
<li>Silicon Motion Technology Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIMO#NASDAQ">SIMO</a>) jumped 14.6% to $51.78 after the company reported better-than-expected quarterly financial results.</li>
<li>Global Industrial Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIC#NYSE">GIC</a>) gained 14.1% to $25.31 after the company reported better-than-expected quarterly financial results.</li>
<li>Wingstop Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>) jumped 10.7% to $255.26 following upbeat quarterly earnings.</li>
<li>Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) gained 10.6% to $69.33 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance with its midpoint above estimates.</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) gained 9.2% to $89.21 following third-quarter results.</li>
<li>Trane Technologies plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TT#NYSE">TT</a>) gained 7.6% to $380.43 after the company reported better-than-expected first-quarter financial results and raised its FY25 GAAP EPS and sales guidance above estimates.</li>
<li>XPO, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>) jumped 7.5% to $104.78 after the company reported better-than-expected quarterly EPS results.</li>
<li>The Chefs&#8217; Warehouse, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHEF#NASDAQ">CHEF</a>) gained 7% to $57.00 following upbeat earnings.</li>
<li>Gildan Activewear Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIL#NYSE">GIL</a>) rose 6.2% to $45.56 following strong quarterly earnings.</li>
<li>PPG Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPG#NYSE">PPG</a>) gained 3.7% to $107.68 after the company reported better-than-expected quarterly financial results.</li>
</ul>
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<li><a href="https://www.benzinga.com/25/04/45064976/top-3-industrials-stocks-which-could-rescue-your-portfolio-in-q2">Top 3 Industrials Stocks Which Could Rescue Your Portfolio In Q2</a> </li>
</ul>
Photo via Shutterstock

Intraday Update

Markets

Trading Ideas

CHEF

QRVO

SIMO

WING

Western Digital Posts Better-Than-Expected Earnings, Joins Wingstop, Qorvo, Seagate And Other Big Stocks Moving Higher On Wednesday

A closely watched inflation gauge used by U.S. policymakers cooled in March, signaling easing price pressures ahead of the April 2 tariff announcement, as consumers and businesses assessed <a href="https://www.benzinga.com/news/econ-s">the potential economic impact.</a>
The Personal Consumption Expenditures (PCE) price index rose 2.3% year-over-year, slowing from February's upwardly revised 2.7% and just slightly above expectations of 2.2%. On a monthly basis, headline PCE was unchanged, a sharp deceleration from the 0.4% increase seen in February, and matching expectations.
Stripping out food and energy, core PCE, the Federal Reserve's preferred inflation measure, came in at 2.6% year-over-year, matching forecasts but down from February's revised 3%. 
On a monthly basis, core prices were flat, defying consensus for a 0.1% rise and cooling from the prior 0.4% surge.
Before the PCE report, the U.S. Bureau of Economic Analysis reported that first-quarter GDP contracted by 0.3% on an annualized basis, a sharp reversal from the 2.4% growth in the previous quarter and well below expectations for a 0.4% expansion.
Money markets are currently pricing in a 65% chance of a 25-basis-point interest rate cut by the Federal Reserve&#8217;s June meeting.
<h3 class="wp-block-heading">Automobile Spending Soars As Consumers Front-Run Tariffs</h3>
Personal income rose 0.5% month-over-month, slightly beating expectations of 0.4%, though slowing from February's revised 0.7% increase. 
Meanwhile, personal spending increased by 0.7% as consumers rushed to get ahead of the tariff impact. The outcome marks an increase from February's 0.5% and well above the 0.4% forecast.
Of the $134.5 billion monthly increase in spending, $56.6 billion was allocated to motor vehicles and parts, indicating precautionary buying behavior ahead of potential price increases. 
Spending on gasoline and other energy goods fell by $29.8 billion. 
<h3 class="wp-block-heading">Market Reactions: Stocks Slide As Traders Digest Mixed Macro Signals</h3>
The inflation cooldown failed to calm markets, as strong spending and tariff-related distortions sparked fears of policy uncertainty and stagflation.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major</td>
<td>Price</td>
<td>Day</td>
<td>Day (%)</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5448.76</td>
<td>-112 pts</td>
<td>-2.01%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,831</td>
<td>-696 pts</td>
<td>-1.72%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,061</td>
<td>-484 pts</td>
<td>-2.48%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,924.95</td>
<td>-54 pts</td>
<td>-2.75%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated by 10:10 a.m. ET</figcaption></figure>
S&amp;P 500 Top Gainers
<ul>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) up 7.7% to $87.85</li>
<li>Trane Technologies plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TT#NYSE">TT</a>) up 5.5% to $372.88</li>
<li>Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) up 4.7% to $42.52</li>
<li>GE HealthCare Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>) up 4.0% to $70.83</li>
<li>PPG Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPG#NYSE">PPG</a>) up 3.7% to $107.67</li>
</ul>
S&amp;P 500 Top Losers
<ul>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) down 15.6% to $30.37</li>
<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) down 10.5% to $15.55</li>
<li>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) down 9.4% to $124.28</li>
<li>Edison International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIX#NYSE">EIX</a>) down 8.1% to $53.96</li>
<li>Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) down 7.5% to $78.45</li>
</ul>
Read now: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/45100047/recession-odds-spike-wall-street-tumbles-as-q1-gdp-surprisingly-contracts-be-patient-trump-responds">Recession Odds Spike, Wall Street Tumbles As Q1 GDP Surprisingly Contracts: &#8216;Be Patient,&#8217; Trump Responds</a></li>
</ul>
Photo: RozenskiP / Shutterstock.com

Federal Reserve

Fed's Preferred Inflation Gauge Eases, Yet Tariff-Driven Auto Spending Clouds Outlook

UBS analyst Timothy Arcuri maintains Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) with a Neutral and raises the price target from $80 to $85.

UBS Maintains Neutral on Seagate Tech Hldgs, Raises Price Target to $85

Wall Street is set for a volatile Wednesday after first-quarter GDP data showed an unexpected economic contraction, stoking fears that a recession <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/45098824/tariffs-hit-hard-as-us-economy-shrinks-for-first-time-since-2022">may already be underway. </a>
The U.S. economy shrank by 0.3% on an annualized basis last quarter, down from 2.4% growth in the previous quarter and well below the expected 0.4% growth, official advance statistics showed.
The outcome marked the first quarterly contraction since the second quarter of 2022. 
In addition, U.S. private employers added 62,000 jobs in April, according to ADP National Employment Report, the lowest since July 2024 and well below predictions of 108,000. 
Broad-based equity losses followed during premarket trading in New York as investors digested signs of weakening growth, elevated inflation, and deteriorating trade balances.
Futures on the S&amp;P 500 fell 1.28% to 5,489.61 by 9:00 a.m. ET, shedding 71 points. 
Contracts on the Dow Jones Industrial Average declined by 336 points, or 0.8%, to 40,191. The tech-heavy Nasdaq 100 underperformed, plunging 1.9% to 19,184, while the small-cap Russell 2000 index dropped 1.7% to 1,944.
Recession odds for 2025 climbed to 74%, their highest level yet, according to data from CFTC-regulated betting platform Kalshi. Under Kalshi&#8217;s terms, a $100 bet on a recession now yields $131 if the U.S. sees two consecutive quarters of negative GDP growth.
<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/RECSSNBER-25/markets/RECSSNBER-25?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;utm_campaign=benzinga_widget" width="488px" height="242px" style="border:0"></iframe>
<h3 class="wp-block-heading">Economists Divided On US Economic Performance</h3>
David Russell, global head of market strategy at TradeStation, noted the growing stagflation risk: "Today's data shows more stagflation, with the economy shrinking and prices rising more than expected. Trade was a huge drag as imports jumped ahead of tariffs. Combined with the weak ADP payrolls growth and yesterday's weak JOLTs data, the numbers increasingly suggest a recession may have begun."
Economist Joseph Brusuelas of RSM US LLP offered a more tempered view: "The trade shock caused a large change in behavior that resulted in that large drag due to a larger trade deficit. However, the economy did not slide into recession in Q1 2025." 
He expects a recession more likely by midyear, citing a $140 billion inventory swing that temporarily padded GDP by 2.25 percentage points.
Robin Brooks, a senior fellow at the Brookings Institution, echoed concerns about the unusual nature of the trade dynamics, calling the current environment "a huge natural experiment," with ballooning imports and swelling inventories reflecting a widespread effort to front-run tariffs.
<h3 class="wp-block-heading">Trump Responds: &#8216;This Is Biden&#8217;s Stock Market, Not Trump&#8217;s&#8217;</h3>
"This is Biden's Stock Market, not Trump's. I didn't take over until January 20th," Trump wrote on social media X, shortly after the GDP release.
Trump denied that his trade policies were responsible for the weak GDP figures, attributing the slowdown to the economic legacy of President Joe Biden. 
"This will take a while, has nothing to do with tariffs, only that he left us with bad numbers," Trump posted. 
"But when the boom begins, it will be like no other. Be patient!!!"
<h3 class="wp-block-heading">Top Premarket Gainers In The S&amp;P 500</h3>
<ul>
<li>Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) up 7.5% to $43.7</li>
<li>Trane Technologies plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TT#NYSE">TT</a>) up 6.3% to $375.6</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) up 5.9% to $86.4</li>
<li>Live Nation Entertainment, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>) up 5.6% to $139.7</li>
<li>Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>) up 5.5% to $273.5</li>
</ul>
<h3 class="wp-block-heading">Top Premarket Decliners In The S&amp;P 500</h3>
<ul>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) down 19.3% to $29.1</li>
<li>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) down 12.8% to $119.6</li>
<li>Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) down 10.0% to $76.4</li>
<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) down 8.4% to $15.9</li>
<li>Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) down 8.1% to $187.5</li>
</ul>
By 8:52 a.m. ET, according to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data, the stocks falling most over the past 30 minutes of premarket trading included:
<ul>
<li>AppLovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) down 6.2% to $242.0</li>
<li>Apollo Global Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) down 3.6% to $133.1</li>
<li>Atlassian Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) down 3.5% to $220.8</li>
<li>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) down 3.3% to $95.0</li>
<li>KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) down 3.0% to $111.0</li>
<li>Eaton Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETN#NYSE">ETN</a>) down 2.5% to $283.1</li>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) down 2.4% to $111.4</li>
<li>Southern Copper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) down 2.2% to $87.5</li>
<li>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) down 2.1% to $34.5</li>
<li>Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) down 2.1% to $312.0</li>
</ul>
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</ul>
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Analyst Color

PLTR

SCCO

SHOP

TEAM

Recession Odds Spike, Wall Street Tumbles As Q1 GDP Surprisingly Contracts: 'Be Patient,' Trump Responds

Rosenblatt analyst Kevin Cassidy maintains Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) with a Buy and maintains $130 price target.

Rosenblatt Maintains Buy on Seagate Tech Hldgs, Maintains $130 Price Target

WIIM

Seagate Technology shares are trading higher. The company reported Q3 financial results.

With U.S. stock futures trading lower this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) to report quarterly earnings at $4.35 per share on revenue of $14.66 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Caterpillar shares fell 0.1% to $307.00 in after-hours trading.</li>
<li>Analysts are expecting Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) to post quarterly earnings at $3.22 per share on revenue of $68.43 billion. The company will release earnings after the markets close. Microsoft shares rose 0.1% to $394.19 in after-hours trading.</li>
<li>Starbucks Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) reported weaker-than-expected second-quarter financial results after the closing bell on Tuesday. The coffee giant reported second-quarter adjusted earnings of 41 cents per share, missing analyst estimates of 50 cents per share. Starbucks shares declined 6.4% to $79.39 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Seagate Technology Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) posted downbeat results for the third quarter. However, the company said it sees fourth-quarter adjusted earnings of between $2.20 and $2.60 per share, versus the $2.20 analyst estimate, and revenue in a range of $2.25 billion to $2.55 billion, versus the $2.43 billion estimate. Seagate shares jumped 8.9% to $88.89 in the after-hours trading session.</li>
<li>Analysts expect Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) to post quarterly earnings at $5.28 per share on revenue of $41.39 billion after the closing bell. Meta shares fell 1% to $549.11 in the after-hours trading session.</li>
</ul>
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<li> <a href="https://www.benzinga.com/25/04/45064976/top-3-industrials-stocks-which-could-rescue-your-portfolio-in-q2">Top 3 Industrials Stocks Which Could Rescue Your Portfolio In Q2</a> </li>
</ul>
Photo via Shutterstock

Earnings

Pre-Market Outlook

Caterpillar, Microsoft And 3 Stocks To Watch Heading Into Wednesday

Seagate Technology Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) released its third-quarter results after Tuesday's closing bell. Here's a look at the details<a href="https://www.benzinga.com/pressreleases/25/04/b45082722/seagate-technology-reports-fiscal-third-quarter-2025-financial-results"> from the quarter. </a>
The Details: Seagate Technology reported quarterly earnings of $1.90 per share, which missed the analyst consensus estimate of $2.09. Quarterly revenue of $2.16 billion missed the consensus estimate of $2.31 billion and is an increase over sales of $1.66 billion from the same period last year.
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Seagate&#8217;s board of directors declared a quarterly cash dividend of 72 cents per share payable on July 8, 2025, to shareholders of record as of the close of business on June 25, 2025.
&#8220;Seagate delivered another solid quarter of profitable year-on-year growth and margin expansion, elevating our non-GAAP EPS to the top of our guidance range. Our performance underscores the structural enhancements we&#8217;ve made to our business model and healthy supply/demand environment for mass capacity storage,&#8221; said Dave Mosley, Seagate&#8217;s CEO. 
Outlook: Seagate sees fourth-quarter adjusted earnings of between $2.20 and $2.60 per share, versus the $2.20 analyst estimate, and revenue in a range of $2.25 billion to $2.55 billion, versus the $2.43 billion estimate.
STX Price Action: According to data from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Seagate stock was up 7.87% after hours at $88.02 on Tuesday.  
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/general/social-media/25/04/45076599/sell-in-may-and-go-away-only-in-bear-markets-one-expert-says?utm_source=articleShare">&#8216;Sell In May And Go Away?&#8217; Only In Bear Markets, One Expert Says&nbsp;</a></li>
</ul>
Photo: Shutterstock

Guidance

After-Hours Center

Seagate Technology Shares Climb After Q3 Results, Q4 EPS Guidance Above Estimates

<h3>Gainers</h3>
<ul>
<li>Nvni Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVNI#NASDAQ">NVNI</a>) stock rose 21.2% to $0.26 during Tuesday's after-market session. The company's market cap stands at $23.7 million. </li>
<li>Freshworks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>) shares rose 11.57% to $16.0. The company's market cap stands at $4.7 billion. The company's, Q1 earnings came out today. </li>
<li>E2open Parent Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETWO#NYSE">ETWO</a>) shares increased by 9.52% to $2.3. The company's market cap stands at $711.4 million. As per the news, the Q4 earnings report came out today. </li>
<li>Marin Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRIN#NASDAQ">MRIN</a>) shares increased by 8.96% to $0.67. The company's market cap stands at $2.1 million. </li>
<li>Qorvo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) stock moved upwards by 8.21% to $67.76. The market value of their outstanding shares is at $6.3 billion. The company's, Q4 earnings came out today. </li>
<li>Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) stock moved upwards by 7.84% to $88.0. The market value of their outstanding shares is at $18.6 billion. As per the press release, Q3 earnings came out today. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Super Micro Computer (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares decreased by 16.4% to $30.09 during Tuesday's after-market session. The market value of their outstanding shares is at $17.9 billion. </li>
<li>Ribbon Communications (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RBBN#NASDAQ">RBBN</a>) shares fell 12.5% to $3.29. The company's market cap stands at $578.8 million. The company's, Q1 earnings came out today. </li>
<li>Tenable Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TENB#NASDAQ">TENB</a>) shares fell 10.93% to $30.0. The market value of their outstanding shares is at $3.6 billion. As per the press release, Q1 earnings came out today. </li>
<li>First Solar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) shares declined by 9.16% to $124.67. The company's market cap stands at $13.3 billion. As per the press release, Q1 earnings came out today. </li>
<li>Gryphon Digital Mining (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRYP#NASDAQ">GRYP</a>) shares declined by 6.95% to $0.25. The company's market cap stands at $17.3 million. </li>
<li>Argo Blockchain (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARBK#NASDAQ">ARBK</a>) stock decreased by 6.47% to $0.42. The market value of their outstanding shares is at $26.7 million. 
See Also: <a href="http://www.benzinga.com/money/tech-stocks/" title="www.benzinga.com/money/tech-stocks/">www.benzinga.com/money/tech-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

ARBK

ETWO

FRSH

GRYP

MRIN

NVNI

RBBN

TENB

12 Information Technology Stocks Moving In Tuesday's After-Market Session

Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) is looking for Q4 Adj EPS of $2.20-$2.60 vs $2.20 analyst estimate. sees sales of $2.250 billion-$2.550 billion vs $2.43 billion analyst estimate.

Seagate Tech Hldgs Sees Q4 Adj EPS $2.20-$2.60 vs $2.20 Est; Sees Sales $2.250B-$2.550B vs $2.43B Est

Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) reported quarterly earnings of $1.90 per share which missed the analyst consensus estimate of $2.09 by 9.09 percent. This is a 475.76 percent increase over earnings of $0.33 per share from the same period last year. The company reported quarterly sales of $2.16 billion which missed the analyst consensus estimate of $2.31 billion by 6.36 percent. This is a 30.51 percent increase over sales of $1.66 billion the same period last year.

Earnings Misses

Seagate Tech Hldgs Q3 Adj. EPS $1.90 Misses $2.09 Estimate, Sales $2.16B Miss $2.31B Estimate

Rosenblatt analyst Kevin Cassidy relaunched coverage on Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>), giving the stock a Buy and lowering the <a href="https://www.benzinga.com/quote/WDC/analyst-ratings" target="_blank" rel="noreferrer noopener">price target from $76 to $50</a> on Tuesday.
Cassidy noted Western Digital&#8217;s spin-off of SanDisk, and the price target reflects 10 times the analyst&#8217;s adjusted EPS estimate for the next 12 months.
Also Read: <a href="https://www.benzinga.com/25/04/44752110/western-digital-gets-boost-on-cheap-valuation-and-ai-surge-led-by-big-tech-giants-analyst" target="_blank" rel="noreferrer noopener">Western Digital Stock Is Attractive, Backed By Cheap Valuation And AI Surge: Analyst</a>
The analyst used a 10 times earnings valuation based on expected profitable growth as the HDD market continues to be in a strong up cycle. This is a ~10% discount to its peer, Seagate Technology Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>), given Cassidy&#8217;s view that Seagate has a technology lead in HAMR technology.
The analyst highlighted key points from investor day.
HDDs remain the dominant storage media, expected to account for over 80% of cloud storage, with exabyte shipments growing at a 23% CAGR from 2024 to 2028. AI-driven storage demand is accelerating, with AI workloads projected to contribute 8% growth to the HDD market by 2028. 
Nearline HDD is forecasted at 6% CAGR without AI, but AI-driven demand could push growth to 14% CAGR over the same period. 
The Nearline HDD TAM will likely grow from $13.3 billion in calendar 2024 to $22.6 billion by calendar 2028, with AI alone contributing $5.5 billion.
Western Digital has shifted its focus to the cloud, which is projected to contribute 88% of revenue by fiscal 2025. 
Nearline HDDs are the primary revenue driver, with continued growth expected in enterprise and data center markets. The remaining 12% of the business comes from consumer storage, including video surveillance, network-attached storage (NAS) and compute storage solutions. HDDs maintain a six times cost advantage over enterprise SSDs and are expected to retain this cost leadership through at least fiscal 2030.
Western Digital expects fiscal 2025 revenue to be approximately $2.2 billion to $2.3 billion for HDDs, with sequential gross margin expansion of 50 basis points. The HDD business targets mid-to-high single-digit revenue growth, aligned with industry trends. 
The SanDisk separation is expected to unlock value, with $600 million in proceeds from the spin-off and additional deleveraging through the disposition of a 19.9% retained stake. The company&#8217;s long-term financial targets include adjusted gross margins of 38% or higher and operating margins of 24% or higher. 
Western Digital is initiating a dividend in the fourth quarter of fiscal 2025. It is committed to returning 100% of excess cash to shareholders after reaching a net leverage target of 1.0 to 1.5 times EBITDA. Free cash flow generation has significantly improved, from ($1.2 billion) in fiscal 2023 to +$700 million in the last twelve months.
Western Digital aims to lead in data storage by delivering cutting-edge solutions tailored to cloud, AI, and enterprise applications. The company is transitioning to higher-capacity HDDs (40TB+) with EAMR and HAMR to ensure cost-competitive leadership in the AI-driven era.
HDDs remain cost-competitive against enterprise SSDs, with a 3.6 times TCO advantage. The transition to HAMR technology is planned for 2027, with volume shipments expected to reach at least one million units per quarter. HDD manufacturing has a capital intensity of just 5%, compared to 44% for NAND, and significantly lower emissions intensity per TB.
Western Digital is strategically positioned to capitalize on the growing cloud and AI-driven storage demand. With a strong focus on product innovation, cost leadership and disciplined financial execution, the company is set to maintain its leadership in the HDD market while transitioning toward next-gen storage technologies.
 The balance sheet deleveraging and capital return strategy further reinforce confidence in its long-term value creation potential.
Cassidy projected third-quarter revenue of $2.25 billion and EPS of $1.10.
WDC Price Action: Western Digital stock is up 0.15% to $40.97 at publication on Tuesday.
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Photo: Shutterstock

Reiteration

Western Digital Refocuses Post-SanDisk Spin-Off As Analyst Highlights AI-Led HDD Growth

Wall Street rose modestly by midday Tuesday, as investors weighed the latest developments in trade negotiations and awaited a wave of key economic data and corporate earnings set for <a href="https://www.benzinga.com/25/04/45072497/us-trade-deficit-explodes-to-record-162-billion-in-march-as-import-frenzy-precedes-trumps-tariff-barrage">release later this week.</a>
President Donald Trump is <a href="https://apnews.com/article/trump-tariffs-automakers-factories-relief-25a400c98e02c01c8c54502384e267e1">expected</a> to unveil a new executive order on auto tariffs later today. Meanwhile, U.S. Treasury Secretary Bessent added that the administration is pursuing bilateral trade agreements with 17 major partners, excluding China.
The S&amp;P 500 climbed 0.4%, putting it on track for a sixth consecutive gain—its longest winning streak since November 2024.
In the bond market, U.S. Treasuries extended their rally, with yields falling for a sixth straight session. The yield on the 10-year benchmark dropped to 4.17%, marking a two-week low.
Gold prices slipped 0.6% to $3,325 per ounce, while WTI crude oil futures fell 2.4% to $60 per barrel, the lowest level in two weeks. Oil prices are under pressure from escalating global trade tensions and weaker U.S. economic data, and crude is now on track for a 15% decline in April—its steepest monthly drop since 2021.
Bitcoin traded little changed, around $95,000.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg</td>
<td>1-day %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,513.32</td>
<td>+285.73</td>
<td>0.7%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,548.89</td>
<td>+20.14</td>
<td>0.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,468.38</td>
<td>+41.09</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,969.38</td>
<td>+3.83</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated by 12:40 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.4% up to $552.91.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.7% to $404.9.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;edged 0.3% higher to $473.78.</li>
<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.5% to $195.96.</li>
<li>The&nbsp;Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 0.8%; the&nbsp;Energy&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
Stocks moving on earnings report included:
<ul>
<li>Waste Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WM#NYSE">WM</a>): down 0.6%</li>
<li>Cadence Design Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>): up 4.0%</li>
<li>Brown &amp; Brown, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRO#NYSE">BRO</a>): down 6.3%</li>
<li>Nucor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>): up 0.9%</li>
<li>F5 Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>): down 0.9%</li>
<li>Alexandria Real Estate Equities Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARE#NYSE">ARE</a>): down 6.7%</li>
<li>Teradyne, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>): down 1.0%</li>
<li>S&amp;P Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPGI#NYSE">SPGI</a>): up 2.7%</li>
<li>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>): up 5.0%</li>
<li>American Tower Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMT#NYSE">AMT</a>): up 4.3%</li>
<li>Sherwin-Williams Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHW#NYSE">SHW</a>): up 5.2%</li>
<li>Regeneron Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>): down 7.7%</li>
<li>Zebra Technologies Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZBRA#NASDAQ">ZBRA</a>): up 6.1%</li>
<li>Ecolab, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>): up 2.2%</li>
<li>Hilton Worldwide Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>): up 1.6%</li>
<li>Labcorp Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LH#NYSE">LH</a>): up 2.3%</li>
<li>Royal Caribbean Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>): down 1.6%</li>
<li>United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>): down 0.5%</li>
<li>General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>): down 0.7%</li>
<li>PayPal Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>): up 1.9%</li>
<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>): up 4.4%</li>
<li>Coca-Cola Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>): up 0.8%</li>
<li>Sysco Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYY#NYSE">SYY</a>): up 0.4%</li>
<li>Xylem Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYL#NYSE">XYL</a>): up 1.5%</li>
<li>Incyte Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>): up 1.5%</li>
<li>Altria Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>): up 0.7%</li>
<li>Corning, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLW#NYSE">GLW</a>): up 2.5%</li>
<li>Paccar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PCAR#NASDAQ">PCAR</a>): down 3.0%</li>
<li>A.O. Smith Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AOS#NYSE">AOS</a>): up 4.0%</li>
<li>Kraft Heinz Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>): up 0.5%</li>
<li>Entergy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETR#NYSE">ETR</a>): down 1.4%</li>
</ul>
Stocks slated to report earnings after the bell include Arch Capital Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACGL#NASDAQ">ACGL</a>), Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>), Mondelez International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>), Caesars Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>), Veralto Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLTO#NYSE">VLTO</a>), Seagate Technology Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>), Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), Extendicare Inc. (TSE: EXE), Fair Isaac Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FICO#NYSE">FICO</a>), Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), Boston Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BXP#NYSE">BXP</a>), PPG Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPG#NYSE">PPG</a>), Extra Space Storage Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXR#NYSE">EXR</a>), Edison International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIX#NYSE">EIX</a>), ONEOK, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>), First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), CoStar Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>), Regency Centers Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REG#NASDAQ">REG</a>), Essex Property Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESS#NYSE">ESS</a>), and Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>).
Now Read: 
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<li><a href="https://www.benzinga.com/25/04/45074861/us-consumer-expectations-falls-to-13-year-lows-as-recession-fears-inflation-worries-surge">US Consumer Expectations Falls To 13-Year Lows As Recession Fears, Inflation Worries Surge</a></li>
</ul>
Image: Shutterstock

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Select Sector SPDR-Consumer Discretionary

ZBRA

Stocks Surge And Bond Yields Fall For 6th Day, Oil Prices Drop To $60: What's Driving Markets Tuesday?

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Earnings Scheduled For April 29, 2025

Press Releases

Seagate Announces Agreement to Acquire Intevac

INTEVAC INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Intevac, Inc. - IVAC

Seagate to Participate in Upcoming Investor Events

Jim Chirico, Ex-Avaya CEO, Has Been Named CEO of Instant Intelligence

Seagate Completes Acquisition of Intevac

Seagate Technology to Report Fiscal Third Quarter 2025 Financial Results on April 29, 2025

AI Is Redefining Tech Infrastructure Priorities: Seagate Report Calls for Balance Between Cost and Carbon

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