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Technology Stocks : Seagate Technology

STX 288.00

-2.0%

Nov 11 4:00 PM EST

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To: William who wrote (7265)	5/4/1999 11:07:00 AM
From: DJBEINO	Read Replies (1) of 7841

Gruntal's Takata on Seagate's Share Buyback: Analyst Comment Scotts Valley, California, May 4 (Bloomberg) -- Gruntal & Co. analyst David Takata speaks about Seagate Technology Inc.'s plan to buy back as many as 25 million additional shares. Seagate is the No. 1 computer disk-drive maker. ''It wasn't unexpected. They told analysts in the past that they'd continue the stock buyback program as part of completing their Veritas (Software Corp.) acquisition.'' ''The company is changing in nature right now and has excess capital to invest.'' ''The company is at a 50-cent earnings per share run rate -- which is about what they are earning on a quarterly basis -- during a bad period for the disc-drive industry.'' Takata said the period has been ''bad'' because personal computer prices are falling. The company is expected to earn 51 cents in the fourth quarter ending in July. He predicts the stock will reach 47 in a year.

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