NEW YORK (TheStreet) -- Shares of Seagate Technology (STX) were falling 1.2% to $50.06 on heavy trading volume Friday after Micron Technology (MU) missed analysts' estimates in its fiscal third quarter and offered a light fiscal fourth guidance due to weak PC market trends.
Micron reported earnings of 54 cents a share for the fiscal third quarter, below analysts' estimates of 57 cents a share. The company said revenue fell 3.3% year over year to $3.85 billion for the quarter, compared to analysts' estimates of $3.91 billion.
Looking to its fiscal fourth quarter, Micron said it expects revenue of $3.45 billion to $3.7 billion, below analysts' estimates of $4.16 billion for the quarter.
Seagate is a data storage company incorporated in Dublin, Ireland and headquartered in Cupertino, CA.
About 4.9 million shares of Seagate were traded by 3 p.m. Friday, above the company's average trading volume of about 3.2 million shares a day.
TheStreet Ratings team rates SEAGATE TECHNOLOGY PLC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEAGATE TECHNOLOGY PLC (STX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. Among the primary strengths of the company is its respectable return on equity which we feel is likely to continue. We feel its strengths outweigh the fact that the company has had sub par growth in net income."