Seagate Drops Despite Earnings Beat
Seagate (NASDAQ: STX) shares initially rallied Monday in after-hours trading after the company posted better than expected top and bottom line numbers, but gave back gains ahead of the company's earnings call.
The hard drive manufacturer reported earnings per share of $1.38, more than the $1.28 consensus estimate; revenue came in at $3.67 billion, higher than the anticipated $3.58 billion.
Over the last three months, shares are up more than 34 percent. Shares were up over 2 percent at one point in after-hours trading, but gave back gains as investors awaited the company's earnings call.
Seagate was, as of the last 13F, a significant holding of David Einhorn's Greenlight Capital, though the fund reduced its exposure significantly in its last filing.
Seagate's second quarter earnings call is set to begin at 5pm ET.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.