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More on STEC's Q2: Gross margin was 37.2%, down 770 bps Y/Y and up 80 bps Q/Q. The company...

More on STEC's Q2: Gross margin was 37.2%, down 770 bps Y/Y and up 80 bps Q/Q. The company expects Q3 revenue of $40M-$42M and EPS of -$0.27 to -$0.31, worse than a consensus of $49.5M and -$0.19. STEC suggests weak OEM demand is to blame (a similar excuse was provided 3 months ago). It also forecasts the settlement of a class action suit related to an '09 stock offering that has led to SEC charges will cost $34M-$36M. STEC -8.9% AH. FIO -1.9%. (PR)

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