Today's Research Reports on Stocks to Watch: Seagate Technology and Western Digital Corporation
NEW YORK, NY / ACCESSWIRE / May 25, 2017 / Shares of Seagate Technology had a mediocre trading day on Wednesday but Western Digital was the one creating a lot of buzz. Apparently Western Digital has offered to buy Toshiba's flash memory division. Toshiba has been struggling and the purchase would help seeing how it will be delisted from the Tokyo Stock Exchange unless it eliminates negative net worth by March 2018.
RDI Initiates Coverage on:
Seagate Technology plc
https://ub.rdinvesting.com/news/?ticker=STX
Western Digital Corporation
https://ub.rdinvesting.com/news/?ticker=WDC
Seagate Technology plc's shares closed up a modest 0.23% on Wednesday. Trading was pretty flat with nothing significantly spectacular going on. The largest manufacturer of hard disk drives (HDD) announced its third quarter earnings at the end of last month. Non-GAAP earnings came in at $1.10, which beat the estimate from Zacks Consensus by four cents. Revenue at $2.67 billion however were a miss, as the Zacks Consensus Estimate had been waiting for $2.69 billion. The company designs, produces, and distributes electronic data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It has been focusing on the larger enterprise segment in recent years.
Access RDI's Seagate Technology Research Report at:
https://ub.rdinvesting.com/news/?ticker=STX
Western Digital Corporation's shares closed up 1.90% on Wednesday. The company helped Toshiba shares rise the most in the last four months after it revealed that it offered to buy Toshiba's flash memory division. According to the Kyodo news agency, Western Digital's CEO Steve Milligan was expected to meet with Toshiba's President Satoshi Tsunakawa late on Wednesday to discuss a sale. According to the Japan Times, sources have said that Western Digital is planning to put up ¥1.5 trillion through convertible preferred shares, while asking the state-backed turnaround fund Innovation Network Corp of Japan and the state-owned Development Bank of Japan to provide close to ¥500 billion for common equities. Western will then acquire Toshiba Memory through a special purpose company and then purchase the equity shares after several years.
Access RDI's Western Digital Research Report at:
https://ub.rdinvesting.com/news/?ticker=WDC
Our Actionable Research on Seagate Technology plc (NASDAQ: STX) and Western Digital Corporation (NASDAQ: WDC) can be downloaded free of charge at Research Driven Investing.
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