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Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 3.6%.The Philadelphia Semiconductor index rose 1.5%.In corporate news, Seagate Technology (STX) shares jumped past 10% after it reported overnight stronger-than-expected fiscal Q3 earnings and revenue, as well as guidance for the next quarter that beat estimates.
The Dow Jones Industrial Average and the S&P 500 Index were down, while the Nasdaq Composite was roughly flat in late-morning trading Wednesday amid an ongoing blockade of Iranian ports by the US and ahead of the Federal Reserve's decision on interest rates in the afternoon.The US Senate Banking Committee on Wednesday voted 13-11 to advance Kevin Warsh's nomination as the next Fed chair, according to media reports.In company news, Visa (V) reported fiscal Q2 adjusted earnings late Tuesday of $3.31 per diluted share, up from $2.76 a year earlier and above the FactSet consensus analyst estimate of $3.10. Fiscal Q2 revenue was $11.23 billion, up from $9.59 billion a year ago and above the FactSet consensus of $10.75 billion. Visa said its board authorized a new $20 billion multi-year share buyback program in April. The company also said it has expanded its Agentic Ready program to clients in the Asia Pacific and Latin America regions to prepare the payment sector for AI agent-led commerce. Visa shares were up 8.6% around midday.Robinhood Markets (HOOD) reported Q1 earnings late Tuesday of $0.38 per diluted share, up from $0.37 a year earlier but below the FactSet consensus of $0.39. First-quarter revenue was $1.07 billion, up from $927 million a year earlier but below the FactSet consensus of $1.14 billion. The company said its board updated its share buyback authorization to $1.5 billion in March. Robinhood shares were down 13.3%.KalVista Pharmaceuticals (KALV) and Chiesi Group said Wednesday they have entered into a definitive agreement through which Chiesi will acquire KalVista for $27 per share in cash, or about $1.9 billion. The deal is expected to close in Q3, they said. KalVista shares were up 38.9%.NXP Semiconductors (NXPI) reported Q1 non-GAAP earnings late Tuesday of $3.05 per diluted share, up from $2.64 a year earlier and above the FactSet consensus of $2.98. First-quarter revenue was 43.18 billion, up from $2.84 billion a year ago and above the FactSet consensus of $3.16 billion. For Q2, the company said it expects non-GAAP EPS of $3.29 to $3.72 on revenue of $3.35 billion to $3.55 billion. Analysts polled by FactSet expect $3.21 and $3.28 billion, respectively. NXP shares were up 23.7%.Seagate Technology (STX) reported fiscal Q3 non-GAAP earnings late Tuesday of $4.10 per diluted share, up from $1.90 a year earlier and above the FactSet consensus of $3.51. Fiscal Q3 revenue was $3.11 billion, up from $2.16 billion a year ago and above the FactSet consensus of $2.96 billion. For fiscal Q4, the company said it expects non-GAAP EPS of $5.00, plus or minus $0.20, above the FactSet consensus of $3.99. Fiscal Q4 revenue is expected to be $3.45 billion, plus or minus $100 million, above the FactSet consensus of $3.16 billion. Seagate shares were up 14.2%.Price: $336.58, Change: $+27.28, Percent Change: +8.82%
Seagate Technology (STX) is "even stronger for longer," with Morgan Stanley reaffirming it as a "Top Pick" after fiscal Q3 results were driven by stronger data center demand, pricing strength and AI-driven HDD demand.The investment firm said in a Wednesday note that the rising adoption of AI applications is boosting HDD demand from hyperscalers and additional growth opportunities emerging from neocloud and sovereign cloud customers.Management also indicated that nearline capacity is effectively booked through June 2027 and expects sequential growth in revenue, profitability and cash flow for at least the next five quarters.The brokerage lifted its long-term outlook. It is now projecting 2027 earnings per share of about $43 supported by stronger pricing, margin expansion and sustained free cash flow. Gross margins could surpass 50% earlier than expected and continue increasing beyond prior peak assumptions, according to the note.Morgan Stanley has an overweight rating on the stock and raised its price target to $767 from $582.Shares of Seagate Technology were up more than 14% in Wednesday trading.Price: $661.95, Change: $+82.92, Percent Change: +14.32%
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our price target from $509 to $811, 29x our CY 27 EPS estimate ($27.95), well above STX's three-year average (~16x), as accelerating AI demand structurally improves HDD industry growth and visibility, with the company reportedly nearly sold out of nearline capacity through CY 27. We lift our FY 26 EPS estimate by $2.01 to $14.92, lift our FY 27 estimate by $5.36 to $24.30, and initiate a FY 28 estimate at $31.20. Q3 results were spectacular, with results and guidance coming in well ahead of expectations on accelerating AI demand. We expect the results also reflect share gains for HDD at the expense of NAND-intensive SSDs given elevated memory prices, which should stick around through 2027. Looking forward, we are impressed by STX's rollout timelines for Mozaic 4+ (expected to contribute a majority of HAMR exabytes by CYE 26) and Mozaic 5+ (50 TB/drive), with shipments slated for late CY 27. We see STX's technological lead continuing to improve in this area, helping boost sales, margins, and cash flow.
Seagate Technology Holdings (STX) has an average rating of overweight and mean price target of $737.27 according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $672.36, Change: $+93.33, Percent Change: +16.12%
Seagate Technology (STX) has an average rating of overweight and mean price target of $737.27, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $685.52, Change: $+106.49, Percent Change: +18.39%
Seagate Technology (STX) has an average rating of overweight and mean price target of $737.27, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $685.93, Change: $+106.90, Percent Change: +18.46%
Technology stocks were rising pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) advancing by 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) up 2.8%.Seagate Technology Holdings (STX) stock was up more than 14% after the company posted higher fiscal Q3 non-GAAP earnings and revenue, and issued fiscal Q4 outlook above analysts' estimates.Automatic Data Processing (ADP) shares were up more than 3% after the company reported higher fiscal Q3 adjusted earnings and revenue, and raised its 2026 outlook.United Microelectronics (UMC) shares were up more than 8% after the company posted higher Q1 earnings and operating revenue.
US equity futures were largely flat pre-bell Wednesday as traders anticipated the financial results from four of the "Magnificent Seven" and the Federal Reserve's latest policy announcement.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.1% and Nasdaq futures were 0.2% higher.Slated to report quarterly earnings after-market today are Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META), among others.The Federal Open Market Committee is widely expected to maintain the target range for its federal funds rate at 3.50% to 3.75% at its meeting today. Federal Reserve Chairman Jerome Powell is due to leave his post before the next committee meeting in June but has said he will remain until his named replacement, Kevin Warsh, is confirmed.The committee's statement following the meeting is due for release at 2 pm ET, with Fed Chair Powell's press conference scheduled to begin at 2:30 pm ET.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.8% at $108.34 per barrel and US West Texas Intermediate crude 4% higher at $103.93 per barrel.Durable goods new orders rose 0.8% in March after a 1.2% decrease in the prior month, compared with expectations for a 0.5% gain in a survey of analysts compiled by Bloomberg.Housing starts rose to an annual rate of 1.502 million in March, exceeding expectations for 1.38 million and above the 1.356 million pace in the prior month.The US advance international trade in goods deficit widened to $87.87 billion in March from $83.49 billion in the previous month, compared with expectations for $88 billion.In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 1.7% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was down 1%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, Seagate Technology (STX) shares were up 16% after the company posted fiscal Q3 non-GAAP earnings and revenue that beat analysts' estimates, in addition to issuing a better-than-expected fiscal Q4 outlook. NXP Semiconductors (NXPI) stock was up 21% after the company reported fiscal Q1 non-GAAP earnings and revenue that surpassed analysts' consensus and also setting higher-than-expected fiscal Q2 guidance. Visa (V) shares were up 5.7% after the company posted a fiscal Q2 adjusted earnings and revenue beat.On the losing side, Robinhood Markets (HOOD) shares dropped 12% after the company reported Q1 earnings and revenue that fell short of analysts' consensus. Booking (BKNG) and Deutsche Bank (DB) saw their stock decline 4.8% and 3.1%, respectively, despite posting higher Q1 adjusted earnings and revenue.
Technology stocks were rising pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) marginally advancing and the State Street SPDR S&P Semiconductor ETF (XSD) up 1.8%.Seagate Technology (STX) stock was up more than 15% after the company posted higher fiscal Q3 non-GAAP earnings and revenue, and issued fiscal Q4 outlook above analysts' estimates.
US equity futures were pointing higher Wednesday as traders awaited the latest quarterly results of four mega-cap technology companies and the Federal Reserve's monetary policy decision.The Nasdaq was up 0.4% before the bell, while the S&P 500 and the Dow Jones Industrial Average rose 0.1% each. The indexes closed the previous trading session in the red.Tech giants Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META) are scheduled to release quarterly results after the markets close, while AbbVie (ABBV) and General Dynamics (GD) will post before the bell, among others.The Fed's monetary policy committee will announce its latest decision on interest rates later in the day. Markets widely expect the central bank to keep its benchmark lending rate unchanged for a third consecutive meeting. Fed Chair Jerome Powell will hold a press conference at 2:30 pm ET."Investors will be listening closely for an updated assessment of economic conditions, particularly inflation, in the wake of the ongoing conflict overseas," Stifel said in a note. "A rising level of concern could signal a willingness to hold rates steady for a prolonged period of time or even open up the possibility of a rate hike, while any mention of a temporary or expected 'transitory' impact will likely bolster expectations for a potential return to rate cuts."The Senate Banking Committee is set to vote Wednesday on Trump's nominee for the next Fed chair, Kevin Warsh, Reuters reported.Treasury yields were trending upwards in premarket action, with the two-year rate advancing 1.7 basis points to 3.86% and the 10-year rate adding one basis point to 4.36%.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am ET. Data on durable goods orders for March and housing starts and permits reports for February and March are out at 8:30 am. The weekly EIA domestic petroleum inventories report posts at 10:30 am.West Texas Intermediate crude oil rose 3.4% to $103.32 a barrel before the opening bell, while Brent gained 2.9% to $114.35.US President Donald Trump has told aides to prepare for an extended blockade of Iran to pressure Tehran over its nuclear program, The Wall Street Journal reported, citing US officials. Trump believes resuming strikes on Iran or ending the conflict would carry higher risks than maintaining the US blockade of Iranian ports, which began recently, the report said.Mediators in Pakistan expect to get a revised proposal from Iran to end the war in the next few days, CNN reported, citing sources.The United Arab Emirates on Tuesday said it has decided to leave the Organization of the Petroleum Exporting Countries. The move would make the cartel "structurally weaker" as the UAE is one of the few OPEC members that have spare capacity, Rystad Energy said in a note.Shares of NXP Semiconductors (NXPI) and Seagate (STX) rose 18% each before the bell following their latest quarterly results. Starbucks (SBUX) was up 4.1% as the coffee giant raised its full-year outlook late Tuesday.Robinhood Markets (HOOD) plunged 11% after its quarterly results fell short of Wall Street's estimates overnight.Gold slipped 0.6% to $4,580 per troy ounce, while bitcoin gained 1.7% to $77,547.
Wall Street futures pointed modestly higher pre-bell Wednesday after a strong Seagate Technology (STX) earnings report, released overnight, signaled AI demand boom for data storage tech continues.In the futures, the S&P 500 rose 0.1%, the Nasdaq inclined 0.3% and the Dow Jones was marginally up.Seagate Technology shares traded up 17.6% pre-bell after the data storage device maker reported better-than-expected fiscal Q3 non-GAAP EPS and revenue, and issued upbeat guidance late Tuesday.Peer data storage enterprises also gained pre-bell, including Western Digital (WDC), up 10.7%, and SanDisk (SNDK), up 7.3%.Tech titans Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon.com (AMZN) and Meta Platforms (META) are slated to report earnings after-bell.Traders also await the 2 pm ET rate announcement from the Federal Reserve, although the CME Group Fedwatch tool predicts a 100% chance the central bank will hold steady. Chair Jerome Powell's 2:30 pm press conference will be parsed for clues to Fed mood.Asian exchanges were mixed overnight, with Seoul's KOSPI Index striking a fresh all-time zenith. European bourses edged lower midday on the continent.On the economic calendar at 8:30 am ET is the durable goods orders bulletin for March, the housing starts and building permits bulletins for March, the international trade in goods release for March, and the retail and wholesale inventories reports for March.The weekly EIA petroleum status report posts at 10:30 am.The Atlanta Federal Reserve Survey of Business Uncertainty for April logs at 11 am.In premarket action, Bitcoin traded at $77,846, West Texas Intermediate crude oil traded up 3.5% at $103.40, and 10-year US Treasuries offered 4.36%. Spot gold commanded $4,567 an ounce.
(Updates with the stock move in the headline and the first paragraph)Seagate Technology (STX) shares rose over 18% in Wednesday's premarket activity after the company reported overnight stronger-than-expected fiscal Q3 earnings and revenue, as well as guidance for the next quarter that beat estimates.The company reported fiscal Q3 non-GAAP earnings late Tuesday of $4.10 per diluted share, up from $1.90 a year earlier.Analysts polled by FactSet expected $3.51.Revenue for the quarter that ended April 3 was $3.11 billion, up from $2.16 billion a year earlier.Analysts surveyed by FactSet expected $2.96 billion.The company said it expects fiscal Q4 non-GAAP EPS of $5.00, plus or minus $0.20. Analysts expect $3.99.Fiscal Q4 revenue is estimated to be $3.45 billion, plus or minus $100 million. Analysts expect $3.16 billion.Price: $683.94, Change: $+104.91, Percent Change: +18.12%
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Q3 results exceeded expectations with revenue of $3.11B (+44% Y/Y) beating consensus of $2.96B and non-GAAP EPS of $4.10 (+116% Y/Y) crushing expectations for $3.50. STX's outlook was even more impressive, with Q4 guidance midpoints of $3.45B in revenue and $5.00 in EPS beating by 9% and 26%, respectively. Gross margin of 47.0% (+1,080 bps Y/Y) and operating margin of 37.5% (+1,400 bps) demonstrate impressive pricing power and a rising HAMR mix, while FCF of $953M exceeded expectations for $762M and roughly quadrupled Y/Y, helping net leverage decline to 0.7x from 1.1x last quarter. Perhaps most important, nearline capacity (90% of exabytes shipped in Q3) is now nearly sold out through CY 2027, with customer discussions extending into 2028, a significant extension from Q2's update (sold out through CY 2026). Data center revenue of $2.5B accelerated to 55% Y/Y growth, and we see a long runway as AI inferencing elevates demand for high-capacity nearline drives, with Mozaic 4+ (44TB per drive) leading the way.
Seagate Technology (STX) reported fiscal Q3 non-GAAP earnings late Tuesday of $4.10 per diluted share, up from $1.90 a year earlier.Analysts polled by FactSet expected $3.51.Revenue for the quarter that ended April 3 was $3.11 billion, up from $2.16 billion a year earlier.Analysts surveyed by FactSet expected $2.96 billion.The company said it expects fiscal Q4 non-GAAP EPS of $5.00, plus or minus $0.20. Analysts expect $3.99.Fiscal Q4 revenue is estimated to be $3.45 billion, plus or minus $100 million. Analysts expect $3.16 billion.Shares of the company were up 12% in after-hours trading.
Seagate Technology Holdings (STX) has an average rating of overweight and mean price target of $560.68, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $577.00, Change: $-18.86, Percent Change: -3.17%
Seagate Technology (STX) and Western Digital (WDC) are seeing a "clear path" for earnings growth as long-term contracts and tight hard disk drive supply improve visibility for both companies, BofA Securities said in a Monday note.Demand for hard disk drives continue to outweigh supply, positioning original equipment manufacturers to raise prices, the brokerage said. BofA Securities also noted that the market's oligopoly remains intact, with low chances of new players entering the sector.The heat assisted magnetic recording, or HAMR, technology is driving higher exabyte shipments for hard disk drives, while cutting costs per terabyte, BofA Securities added.These factors could pave the way for Seagate Technology to hit earnings of $45 per share in 2026 and $33 Western Digital, the investment firm said.BofA Securities raised its price target on Seagate Technology to $700 from $605 and Western Digital to $495 from $415, with buy ratings for both companies.Price: $592.64, Change: $+6.39, Percent Change: +1.09%
Seagate Technology Holdings (STX) has an average rating of overweight and mean price target of $560.68, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $589.14, Change: $+2.89, Percent Change: +0.49%
Seagate Technology Holdings (STX) has an average rating of overweight and mean price target of $560.68, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $591.00, Change: $+4.75, Percent Change: +0.81%
Tech stocks were higher late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) and the State Street SPDR S&P Semiconductor ETF (XSD) each adding about 2%.The Philadelphia Semiconductor index climbed 2.6%.In sector news, Texas Attorney General Ken Paxton launched an investigation into streaming platforms, including Spotify (SPOT), Apple's (AAPL) Apple Music, Amazon's (AMZN) Amazon Music and Alphabet's (GOOGL) YouTube Music over an alleged scheme in which the platforms accept bribes to artificially promote certain artists, songs or content, according to a statement from Paxton's office.In corporate news, Seagate Technology (STX) shares rose over 3% after Barclays upgraded the stock to overweight from equalweight and boosted its price target to $625 from $425.Microsoft (MSFT) has appointed Daniel Shapero to become the chief executive of LinkedIn, the company's executive vice president Ryan Roslansky said in a LinkedIn post Wednesday. Microsoft shares were up 2%.Sportradar (SRAD) shares fell 22% after Muddy Waters Research and Callisto Research published short reports on the company.Alphabet's (GOOGL) Google Cloud is launching a $750 million fund to help consulting firms such as Accenture (ACN), McKinsey, and Deloitte to get clients to use agentic AI software, Bloomberg reported. Alphabet shares added 2.1%.
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