11-Nov-99 11:28:50 Seagate Technology has gained $5/16 to trade at $35
13/16 on average volume. Banc of America raised its rating on Seagate
(SEG) to "Buy" from "Market Perform" and increased its price target to
$44, aiding today's gains. Shares of SEG have been on a tear lately,
gaining nearly 20% month-to-date. The company further boosted investor
sentiment on Monday by announcing SEG increased its stock repurchase
program by 50k shares. In today's session, block trades account for a
solid one-third of today's activity, excluding the opening block of
350k shares, which suggests Big Money players are backing the day's
gains. Interestingly, at 9:53, a block for 80,000 shares was crossed.
Based on the bid/ask spread at the time, a buyer appears to have
initiated the trade. In the pre-trade market, institutional investors
are unusually active in SEG-- the issue is listed as one of the top
ten most active. The chart shows investors are looking to lock in some
recent profits, offering shares down to $36. While the sellers have
pressured SEG lower throughout today's session, the supply of shares
has not countered investor's demand. A review of the post-trade data
reveals that brokers have claimed 1.5 times more buy messages than
sell messages. |
