NEW YORK (
) -TheStreet Ratings' stock model downgraded
to 'Hold' from 'Buy'. Shares of this hard disk drive maker have fallen nearly 25% three months.
TheStreet Ratings released rating changes on 13 additional U.S. common stocks for July 20, 2010. In all, eight stocks were downgraded and six stocks have been upgraded by our stock model.
Seagate Technology reported fiscal fourth quarter earnings of 70 cents per share on top line revenue of $2.7 billion. In the face of a largely solid financial position, the shares sold off on the earnings news as this fell short of inflated analyst expectations.
TheStreet Ratings stock model upgraded
to 'Buy' from 'Hold' today on a doubling in reported fiscal fourth quarter profit to $124.5 million on the second consecutive quarter of record revenue. Likewise, stockholders' equity has increased by 115% from the same quarter last year. Linear Technologies CEO Lothar Maier credited sustained recovery from the global recession for the company's rapid recovery.
-- Reported by Kevin Baker in Jupiter, Fla.
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Kevin Baker became the senior financial analyst for TheStreet Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.