Why Seagate Stock Surged 12% Today
Computer memory maker Seagate Technology (NASDAQ: STX) reported a modest earnings beat Wednesday evening, but the reaction in its stock price Thursday morning was downright immodest. After having been up by more than 20% earlier in the session, as of 11:55 a.m. ET, Seagate's shares were up 12%.
Analysts had forecast Seagate would earn $2.36 per share on sales of $3.1 billion in its fiscal Q2 2022. As it turned out, it nailed that revenue target, and beat on earnings with profits per share of $2.41.
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