Morgan Stanley analyst Katy Huberty said the firm's cloud CapEx tracker indicates 4 points of growth acceleration in 2018, which she noted is up from a 6 point deceleration in the previous reading. Morgan Stanley analyst forecasts imply average 2018 CapEx growth of 28%, up from 23% and 24% in 2016 and 2017, respectively, noted Huberty. She sees Arista (ANET), Micron (MU) and Seagate (STX) as among the most positively exposed to greater investment in hyperscale data centers.

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Bullish option flow detected in Arista Networks with 2,900 calls trading, 1.7x expected, and implied vol increasing almost 2 points to 56.57%. Nov-24 270 calls and 4/26 weekly 275 calls are the most active options, with total volume in those strikes near 770 contracts. The Put/Call Ratio is 0.64. Earnings are expected on May 7th.

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Sees Q4 revenue $1.7B-$2.0B, consensus $1.85B

Reports Q3 revenue $1.66B, consensus $1.68B. "Seagate's March quarter revenue grew 6% and non-GAAP EPS more than doubled over the December quarter as we benefit from improving cloud demand, our strong operating discipline and price execution. This combination sets the foundation for a return to target margin performance as the markets recover," said Dave Mosley, CEO. "This constructive demand backdrop is well-timed as we prepare to ramp our Mozaic products, anchored by industry-leading HAMR technology. HAMR-based products offer compelling economic value for our customers and position Seagate to drive further financial performance gains, as well as capitalize on favorable long-term demand for mass capacity storage."