Stock Track | Seagate Technology Plunges 5.07% in Pre-market as Storage Sector Selloff Intensifies Ahead of Earnings

Stock Track

Jul 28

Seagate Technology PLC (STX) shares tumbled 5.07% in pre-market trading on Tuesday, as a broad selloff across the memory and data storage sector intensified ahead of the company's scheduled post-market earnings release.

The storage sector faced sustained and widespread selling pressure, with SanDisk and Western Digital each declining over 5%, while Micron Technology and SK Hynix also dropped sharply. Morgan Stanley previously warned that the AI-driven semiconductor storage boom is approaching an inflection point, with memory contract prices expected to peak in the fourth quarter. Additionally, ChangXin Memory Technologies' (CXMT) IPO-funded capacity expansion is viewed as a direct threat to the medium-to-long-term market share and pricing power of U.S.-listed storage companies.

Seagate is set to report quarterly earnings after market close today, with consensus EPS expectations at $4.89 and revenue projected to grow approximately 43% year-over-year. Despite positive analyst ratings—including Wedbush's $1,000 target and JPMorgan's $1,095 overweight rating—the pre-earnings bull-bear battle has notably intensified amid the broader sector headwinds, amplifying selling pressure during the pre-market session.

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Morgan Stanley previously warned that the AI-driven semiconductor storage boom is approaching an inflection point, with memory contract prices expected to peak in the fourth quarter. Additionally, ChangXin Memory Technologies' (CXMT) IPO-funded capacity expansion is viewed as a direct threat to the medium-to-long-term market share and pricing power of U.S.-listed storage companies.</p><p>Seagate is set to report quarterly earnings after market close today, with consensus EPS expectations at $4.89 and revenue projected to grow approximately 43% year-over-year. 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