Seagate (STX +3%) rallies after using its analyst day (webcast) to guide for FQ1 (Sep. quarter)...


Seagate (STX +3%) rallies after using its analyst day (webcast) to guide for FQ1 (Sep. quarter) revenue of $3.7B-$3.8B, below prior guidance of $4B. That's better than was feared given soft PC sales and Western Digital's (WDC +3.2%) recent warning. Also, Seagate is leaving its gross margin guidance unchanged at 30%, and says pricing is stable. However, it expects the FQ2 hard drive market to amount to just 150M-155M units, well below initial expectations (per Stifel) of 185M. (analyst day slides - 90MB PDF)

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