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Technology Stocks : Seagate Technology

STX 296.36

+1.5%

Dec 19 4:00 PM EST

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To: John Erb who wrote (4819)	3/31/1998 7:34:00 PM
From: Stitch	Read Replies (1) of 7841

Thread, This recent report from Morgan-Stanley: Seagate (SEG, $26, Neutral) SEG is expected to report CQ1:98 earnings on April 14. Seagate shares have risen 33% year-to-date in C1998 after a 50% fall in C1997. SEG continues to put the pieces in place to fuel a turnaround in its business. It is important to remember that turnarounds often take some time to gel. The most important fact investors should watch with SEG is the direction of change - we think this will be positive. Therefore, we would not be surprised to see CQ1 come in a bit messy but also see the company be positive about its progress on its conference call. We look for SEG to report CQ1:98 EPS of $0.00 (vs. $1.07 in CQ1:97, and ($0.08) in CQ4:97) on revenue of $1.7B (down 33% Y/Y, flat Q/Q), a gross margin of 16%, and a 28% tax rate. The First Call mean EPS estimate is ($0.09). We expect SEG's reported earnings to include a large restructuring charge in the quarter. We look for SEG to report F1998E EPS of $0.04 (vs. $3.05 in F1997). The First Call mean is ($0.02). We look for SEG to report F1999E EPS of $0.75. The First Call mean is $1.10.

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