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Technology Stocks : Seagate Technology

STX 275.77

+10.1%

Nov 5 4:00 PM EST

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From: Sam	3/8/2010 9:10:55 AM
	of 7841

Key supplier to HD sector XRTX raises outlook sharply UPDATE 1-Xyratex raises Q1 outlook; shares up Mon Mar 8, 2010 8:44am EST Stocks * Ups EPS view to $0.77-$0.87 from $0.24-$0.52 * Sees Q1 rev $313-$318 mln * Shares up 17 pct before the bell March 8 (Reuters) - Data storage technology provider Xyratex Ltd (XRTX.O) raised its first-quarter outlook, helped by improved demand from all key customers, sending its shares up 16 pct before the bell. For the quarter ending Feb. 28, the company expects earnings of 77 cents to 87 cents per share. It had earlier forecast earnings of 24 cents to 52 cents per share. Xyratex expects revenue of $313 million to $318 million, above its prior outlook of $245 million to $285 million. Analysts were looking for revenue of $270.6 million. The upside in revenue is primarily due to the NSS business and reflects the shipment of fourth-quarter backlog as well as incremental demand during the quarter, Chief Executive Steve Barber said. "We are confident that the fundamentals within the markets we serve will continue to improve into our second quarter," he said. Shares of the company were up 17 percent at $18.00 before the bell. They closed at $15.33 Friday on Nasdaq. (Reporting by Mansi Dutta in Bangalore; Editing by Ratul Ray Chaudhuri)

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