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Strategies & Market Trends : Technical analysis for shorts & longs

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Jan 9 4:00 PM EST

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To: Johnny Canuck who wrote (38761)	1/7/2003 12:03:49 PM
From: Johnny Canuck	Read Replies (1) of 69657

StorageTek follows EMC with upbeat forecast Tuesday January 7, 10:45 am ET By Jonathan Moules in New York FT.com StorageTek on Tuesday added to the positive forecasts from the data storage sector, announcing that its fourth-quarter earnings would beat Wall Street expectations due to strong growth across the board. The Louisville-based company said it expected earnings of more than 45 cents per diluted share. Analysts' consensus estimate was for earnings of 36 cents per share, according to Thomson Financial First Call. The improved outlook followed a similar announcement late on Monday from rival EMC, which said improved corporate demand for technology would enable it to beat analysts' consensus forecast. StorageTek, which is due to report its results on January 22, also said its product sales revenue was expected to increase about 25 per cent from the previous quarter and that service revenue would be about $200m. The company has about $650m in cash and is expected to report revenues of $553m for the quarter, according to Thomson Financial First Call. "We remain focused on our strategy of growing the business across all product lines," said Patrick Martin, the company's chairman, president and CEO. Shares of StorageTek rose 5 per cent to $25.75 during pre-market trade in the US on Tuesday.

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