Seagate Raises Estimates But Halts Dividend PayoutShares of Seagate Technology ( STX) are down nearly 7%, despite the company announcing it expects fiscal third-quarter sales to surpass its earlier forecast.
MEMC Electronics First-Quarter Results to Fall ShortShares of MEMC Electronic Materials ( WFR) are down nearly 14% in early trading after the maker of silicon wafers used in making chips and solar cells said its first-quarter revenue fell $11 million below the expected $225 million. Management now expects its gross margin for the quarter to be 9% of sales, compared to its previous forecast for a decline somewhere in the range of 20%. Shares of MEMC are way off the all-time highs of $91 hit in December 2007. The stock has near-term technical support in the $10 price area. If the shares can firm up and shake off today's news, we see overhead resistance around the $20 to $22 price mark. We do not currently rate this non-dividend paying stock, but we do follow it closely.