Seagate Technology's Stock Climbs After Revenue Outlook Raised

By Markets MarketWatch Pulse

Shares of Seagate Technology PLC climbed 1.6% in premarket trade Tuesday, after the data storage company raised its fiscal first-quarter revenue outlook. The company said it now expects revenue of about $2.8 billion, compared with its previous outlook of "at least" $2.7 billion, and the FactSet consensus of $2.74 billion. The gross margin outlook is now 29%, up from its previous outlook of "at least" 27%. The stock has tacked on 3.6% year to date through Monday, while the S&P 500 has gained 5.9%.

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