STX --- Seagate Technology

[thegreatgate]

Setting new 52-week lows today

Current PPS: $3.30 (Down 22% on the day)
52-week low: $3.23
52-week high: $24.11

Seagate Technology Reduces Quarterly Dividend; Issues Q3 2009 Revenue Guidance Below Analysts' Estimates
January 22, 2009
Seagate Technology announced that its Board has approved, to reduce the quarterly dividend to $0.03 per share. The dividend will be paid on or before February 20, 2009, to all common shareholders of record as of February 6, 2009. The Company also announced that third quarter of 2009, it expects revenue to be approximately $1.6-$2.0 billion. According to Reuters Estimates, analysts were expecting the Company to report revenue of $2.2 billion for the same period.

About STX:
Seagate Technology is engaged in the design, manufacture and marketing of hard disc drives. Hard disc drives, which are referred to as disc drives or hard drives, are used as the primary medium for storing electronic information in systems ranging from desktop and notebook computers, and consumer electronics devices to data centers delivering information over corporate networks and the Internet. It produces a range of disc drive products addressing enterprise applications, where its products are used in enterprise servers, mainframes and workstations; desktop applications, where its products are used in desktop computers; mobile computing applications, where its products are used in notebook computers, and consumer electronics applications, where its products are used in a variety of devices, such as digital video recorders, gaming devices and other consumer electronic devices that require storage. It also sells its branded storage solutions under the Seagate and Maxtor brands.

[greencat]

STX is holding the gap and has a high probabilty of making a nice move up.

MACD moving back over 0 and other indicators look strong for a move up.

STX Chart

[greencat]

STX moved out of a bullish flag pattern and has a very good chance to make a higher move out of the continuation pattern.

STX Chart

[BadThad]

Seagate Technology PLC (STX, $20.74, +$0.94, +4.75%) added $1 billion to its stock buyback plan and raised its quarterly dividend by 39%, joining a long list of companies putting their cash holdings to work and returning value to shareholders.