SAN FRANCISCO (TheStreet) –- Seagate Technology (STX - Get Report) plunged after reporting a weaker-than-expected third-quarter forecast, dragging down its rival Western Digital (WDC - Get Report) as investors feared a similar outcome for the data storage maker. Himax Technologies (HIMX - Get Report) , meanwhile, soared after an analyst issued a bullish report.

Seagate fell 7.7% to close the day at $59.06.

The storage maker took a hit after noting its third-quarter revenue would likely come in at a minimum of $3.45 billion, compared with analysts' expectations of $3.59 billion, according to a Bloomberg report.

The company's fiscal second quarter also missed analysts' revenue expectations. Seagate reported net income of $1.35 a share, excluding special charges, on revenue of $3.7 billion. Analysts were expecting net profits of $1.35 a share on revenue of $3.74 billion, according to analysts polled by Thomson Reuters

Sluggish sales in Europe was the driving factor for Seagate posting weaker than expected results in the second quarter, according to a Reuters report. To dive deeper into Seagate's financials, here is a copy of the earnings call transcript.


Western Digital plunged 4.8% to close at $100.98.

Investors of the data storage maker apparently were skittish after Seagate's less-than-stellar forecast for the current quarter. The companies are direct competitors. 

Western Digital is slated to report its second-quarter results this Tuesday after the markets close. During the company's first-quarter results, it managed to beat expectations on stronger than expected sales of its hard disk drive business.


Himax Technologies rose 9.9% to end the day at $8.77.

The semiconductor maker got a boost after a Bank of America/Merrill Lynch analyst raised the company's price target to $12.50, a 42.5% premium from where it closed today. The analyst also noted Himax is likely to post earnings of $1 a share when it reports its fourth-quarter results on Feb. 12 before the markets open.

The analyst, Daniel Heyler, also touted Himax as the best in the integrated circuits display market.  

 

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.