Seagate technology (STX: Quote) announced after the close Tuesday that it expects to report second quarter revenue of at least $3.6 billion and gross margin of more than 27%. Previous expectations were for revenue of approximately $3.5 billion and gross margin at the lower end of its gross margin range of 27% to 32%. The consensus estimate is for revenues of $3.53 billion.
Seagate Technology gapped open higher Wednesday and has continued to rise on above average volume. Shares are now up 1.45 at $32.84. The stock has been on an upward trend for the past month and has set a 4-month high.
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by RTT Staff Writer
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