Seagate's (STX -2.4%) downbeat FQ2 guidance assumes a 5% Q/Q drop in hard drive ASPs, and factors an ongoing inventory correction. JPMorgan's Mark Moskowitz, reiterating a Neutral, thinks guidance for flat FQ3 ASPs is questionable in light of seasonality, and worries Seagate's struggles and huge stock buybacks could put its 4.6% dividend yield at risk. The company noted on its earnings call that shipments of high-margin enterprise drives were weaker than expected, and that it expects to spend $350M in buybacks in FQ2. (FQ1 miss)
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