Shares of Seagate Technology (STX) and Western Digital (WDC) reversed sharply lower on Monday. The decline comes as investors await Seagate’s fiscal fourth-quarter earnings report, scheduled for late Tuesday.
The current price action sees the shares testing the $800 support level as the company prepares to release its financial results.
Analyst expectations
Morgan Stanley analyst Erik Woodring told clients on Monday that the market for hard-disk drives has only grown stronger. Woodring expects both Seagate and Western Digital to report strong earnings beats.