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.