Seagate, Western Digital shares rise on forecast

Shares of Seagate Technology PLC and Western Digital Corp. rose sharply Friday, a day after Seagate raised its sales forecast, which analysts said points to a stronger-than-expected hard-disk-drive market.

Seagate’s /quotes/comstock/15*!stx/quotes/nls/stx (STX 16.00, +1.31, +8.92%) shares rose almost 10% in early trading, while Western Digital /quotes/comstock/15*!stx/quotes/nls/stx (STX 16.00, +1.31, +8.92%) gained almost 6%.

“We are incrementally positive on the hard-disk-drive stocks,” Wedbush analyst Kaushik Roy said in a note. “The fundamentals of the HDD market have improved a little, but there is still some weakness in the consumer spending environment, which impacts PC

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- Posted: 2011-04-08 10:31:18

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