Here's Why Shares of Seagate Technology are Higher on Tuesday

Seagate expects to cut roughly 14 percent of its workforce to consolidate its global footprint.
By James Passeri ,

Seagate Technology (STX) - Get Report was the top S&P performer in trading on Tuesday. Shares of the data storage giant surged after the company said it was cutting 14 percent of its workforce, or roughly 6,500 jobs. The company says the move is part of a broader strategy to consolidate its global footprint. On the back of the job cut announcement, Morgan Stanley upgraded the stock to EQUAL WEIGHT from UNDERWEIGHT and raised its price-target to $27 from $20. Seagate shares are down roughly 21 percent this year.

Employees of TheStreet are restricted from owning individual securities.

Loading ...