How Seagate Technology, Plc. Shares Rose 11.5% in October
Shares of hard drive manufacturer Seagate Technology (NASDAQ: STX) gained 11.5% in October 2017, according to data from S&P Global Market Intelligence. At the heart of this surge, you'll find a surprisingly solid first-quarter earnings report.
Seagate's first-quarter sales fell 5.9% year over year to land at $2.63 billion. Adjusted earnings declined 3% to $0.96 per diluted share. While hardly the stuff of growth investors' dreams, both of these figures exceeded Wall Street's consensus estimates at the time by a comfortable margin. Share prices surged as much as 17% higher the next day.
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Source: Fool.com
