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Seagate jumps into iPhone, Pad, iPod business of Apple

May 16, 2011 2:55 PM ETSTX
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Big news out of Seagate in announcing today the  first mobile wireless storage device for iOS devices (iPhones, iPads, and iPod Touches,(AAPL). Nothing like joining the Smartphone revolution!

"With the growth of the tablet and iPad markets and the larger volumes of high-quality media now being consumed, there is a clear need for access to content that is not plagued with the challenges of streamed video over the Internet," said Patrick Connolly, vice president and general manager of Seagate's retail group. "The unfortunate fact is that these popular new mobile devices are hampered by their limited storage capacity while one of their primary functions is that of media consumption".
(source: seagate press release at http://www.seagate.com/ww/v/index.jsp?locale=en-US&name=goflex-satellite-mobile-wireless-seagate-pr&vgnextoid=0deea262bf5ef210VgnVCM1000001a48090aRCRD )

The GoFlex mobile wireless storage device is a battery-powered external hard drive that can wirelessly extend the storage capacity of any Wi-Fi-enabled device.
The device can store 500 gigabytes of data and extend a device’s storage via 802.11 b/g/n wireless networking. It has enough storage capacity to back up the entire library of video, music, pictures and documents that most people have on their mobile devices. The devices can connect directly to the GoFlex Satellite drive via a free GoFlex Media app now available on iTunes and the Apple app store. GoFlex Satellite is available at online retailers such as Seagate.com, Amazon and BestBuy.com for $199. With an battery life of 5 hoursand stand-by life of 25, plus a rechargeable battery, you have plenty of time to backup that new music you just downloaded.

Having bottomed out at the $12 range, and now trading in the $16 range, now might be the time to enter.  If you do, remember though to have your risk protection strategy at hand, whether for exiting or hedging. SmartStops shows today's risk alert price points at $16.31 for short-term investors and $14.71 for longer-term investors. 

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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