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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: redfish who wrote (283131)4/7/2004 8:39:24 AM
From: redfish  Read Replies (1) of 436258
 
Nice to see companies blowing up again, it brings back happy memories. Kudos to earlie and others who spotted inventory build. When will people figure out this is just a lousy business to be in:

8:29am 04/07/04
Seagate slumps 18% pre-market on Q3 profit warning (STX) By Mark Cotton
NEW YORK (CBS.MW) -- Shares of Seagate Technology (STX) slumped 18.2 percent to $12.75 in pre-market trading as analysts downgraded the maker of computer hard disk drives following its fiscal third quarter profit warning overnight. JP Morgan analyst Bill Shope cut his rating on the company to "underweight" from "overweight," saying its broad end market exposure has become a hurdle rather than a catalyst to revenue and earnings growth in the near- to mid-term. Shope said he was particularly concerned by the impact of "chronically difficult enterprise conditions and a sharply reduced outlook for the company's notebook business in the coming months." Shope cut his third quarter earning estimate to 6 cents a share from 23 cents. Over at Smith Barney, analyst Richard Gardner slashed his rating to "sell" from "hold" and cut his price target to $7 from $17. Gardner's said the supply/demand balance at Seagate is likely to deteriorate across most product categories in 2004, suggesting that margins are unlikely to rebound. Gardner cut his third quarter earning per share estimate to 7 cents from 22 cents. On Tuesday, Seagate said it expects to earn between 6 cents a share and 8 cents a share, down from a prior forecast of a range of 20 cents a share to 30 cents a share.
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