At 3/31/12, co. had about 433 mill. shares. 433 - 425.2 in 25 days = 7.8 mill. At that rate, share count would drop about 28 mill in 91 days and be around 405 at 6/30/12 and hit STX's year-end target of 350 mill. Also, $3.5 bill. share-repurchase authorization suggests the program will continue in 2013, and may well hit 280 by end of that year. No analyst seems to take this into consideration, or the fact that capacity and sophistication of discs continue to evolve and should command higher margins. Also, duopoly between STX and WDC should enable prices to hold up. In potash industy, largest producer (POT) simply curtails production if global prices are too low. Finally, STX expects margin at end of this year to be at least 30%, when industry production normalizes, which is a far cry from the 20% level some ill informed (incl. BOA-ML) writers are factoring into their ests.