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Seagate (STX -3.1%) falls to levels last seen in July after missing FQ1 estimates and guiding on...

Seagate (STX -3.1%) falls to levels last seen in July after missing FQ1 estimates and guiding on its earnings call for FQ2 revenue of $3.5B, below a $3.9B consensus. The FQ1 miss occurred even though Seagate spent $669M to buy back 20.5M shares. Altogether, the company redeemed 17% of its outstanding shares in the 9 months ending Sep. 28. Seagate estimates industry hard drive shipments totaled 139M in FQ1, -11% Q/Q and -21% Y/Y. Western Digital (WDC) is nearly unchanged. (management comments - PDF) (WDC forecast: I, II)
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