Seagate know-how %s inventory STX, -19.29% plunged towards its worst day since the depths of the great Recession, in very active morning trade Thursday, after the disk-drive maker minimize its fiscal third-quarter earnings and margin outlook. The stock tumbled 19%, the largest one-day share decline because it fell 24% on Jan. 22, 2009. the largest decline, because the firm went public in Dec. 2002, was once a 24.5% drop on Oct. 22, 2003. buying and selling quantity reached 28 million shares within the first ninety minutes of Thursday’s regular session, or about six occasions the entire-day reasonable over the last 30 days of four.7 million shares, according to FactSet. the company minimize late Wednesday its income outlook for the current quarter to $ 2.6 billion from $ 2.7 billion, and its adjusted gross margin outlook to 23% from 25.6%. Pacific Crest analyst Monika Garg mentioned her sector weight score is now beneath evaluate, as Seagate margins were below its goal range of 27% to 32% for the earlier three quarters.
Seagate's stock plunges towards worst day in seven years, on heavy volume