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Seagate Technology's $694 million buy of Dot Hill signals consolidation in data storage. TheDeal said Dot Hill might be bought by Seagate or Western Digital last July.
The data storage giant is looking to diversify, and covets Dot Hill Systems' software product, RealStor 2.0.
Stocks trade lower Wednesday after the Federal Reserve said the time for a rate hike had not yet occurred.
Crude oil plummeted on Wednesday after weekly inventories data showed a surprise increase in stocks.