I just spoke to a buy sider PM who spoke with his inventory contact, who through the years has a far better track revord than most of the other ANALysts:
Your point about a major shipment just coming in is correct. A number of distributors, who were reporting out of or low stock, indicated they expected a major delivery during the past week. So it appears it came in. Another point is that one of the major distributors no longer stocks STX drives, which may have skewed extra delivery to the others.
Despite Huberty's and Avian's concerns, inventories remain seasonally low!
I agree, the key to watch is how quickly these inventories are liquidated.