Seagate's Mixed Q3 Report Brings Out Sellers

Seagate Technology PLC STX shares are trading lower by $7.51 (14.8 percent) at $43.00 in Wednesday's session. Before the open, the company reported a Q3 adjusted EPS beat of $0.03 but came up shy on sales.

With such a stellar run since its last report, rallying from its January 24 close ($37.44) to an all time closing high at $50.51, expectations were very high ahead of today's report.

As a result of the mixed report, investors headed to the exit immediately. After a much lower open, it managed only a $0.25 bounce to $44.86 before continuing its spiral south.

The ensuing decline has taken Seagate's stock to a significant level. Its current low of $41.76 is just under the low from January 25 ($42,16), which was the day following its Q2 beat. Since reaching that depressed level, it rallied back to the $43.00 area.