Seagate Technology Jumps 21% After Earnings

Hard drive maker Seagate Technology STX released its fiscal Q2 earnings results after the closing bell on Tuesday. The company reported net income of $563 million, or $1.28 per share, compared to $150 million or $0.31 per share, in the year ago period. On a non-GAAP basis, which is comparable to analysts' consensus, Seagate reported net income of $581 million or $1.32 per share. This compared to Street consensus EPS estimates of $1.08. Revenues in the quarter were $3.195 billion, up from $2.719 billion in last year's fiscal Q2. This compared to Wall Street revenue estimates of $3.15 billion. In yesterday's after hours session, STX shares initially traded marginally lower. Once the conference call began, however, the stock began moving sharply up and those gains continued in Thursday's pre-market. At the opening bell, STX gapped sharply higher and has continued to surge on very heavy volume. At last check, the stock was up 21.19% and volume was running at more than 900% the daily average.