UBS lowered its estimates on Seagate (STX) as the PC outlook weakens due to lower growth in the desktop and commercial business segment. The firm said it sees little prospect for a recovery in the hard disk drive market and believes Seagate has not taken sufficient steps to move away from hard disk drives, which will lead to a lower share price. UBS lowered its price target on Seagate shares to $24 from $26 and reiterated its Sell rating on the shares. In PCs, UBS likes Apple (AAPL) due to its potential to gain market share with its competitive advantages and likes Intel (INTC) given its solid chip growth.

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Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link

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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."