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Seagate (STX -9.4%) and Western Digital (WDC -5.2%) close with big losses after the former...

Seagate (STX -9.4%) and Western Digital (WDC -5.2%) close with big losses after the former issued soft guidance to go with its FQ2 beat. EMC's guidance might be making a bad situation worse. FBN and Evercore have downgraded Seagate, which is trading around ~6x FY13E EPS even if one assumes consensus forecasts fall a bit. Management noted on the earnings call it expects hard drive industry volumes to be flat-to-down Q/Q, but added cloud-related sales remain a bright spot. LSI -2.3%. FIO -5.3%.

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