As previously reported, FBN Securities downgraded Seagate (STX) to Sector Perform from Outperform and lowered its price target to $32 from $40. Analyst Shebly Seyrafi said industry comments by HDD controller companies in August, weak channel checks, and pricing concerns lead him to believes current consensus estimates are too high and need to be lowered. The analyst notes Broadcom (AVGO) believes HDD strength is unsustainable and Marvell (MRVL) had a cautious view on HDD demand near-term. Further, the analyst said HDD channel checks have softened since early August and pricing is expected to soften noticeably by the end of the current quarter.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSAudioEye (AEYE) up... To see the rest of the story go to thefly.com. See Story Here

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."