U.S. Stock Market Moves: Storage Concept Stocks Rally at Open, Seagate Technology Surges Over 7%

Stock News

Jul 29

U.S. stock market storage concept stocks saw a strong rally at the start of Wednesday's trading session, with Seagate Technology PLC (STX.US) surging over 7%, Western Digital Corp (WDC.US) rising more than 4%, Micron Technology Inc (MU.US) gaining over 2%, and SK Hynix Inc (SKHY.US) along with SanDisk Corp (SNDK.US) both advancing more than 1%.

The catalyst was Seagate Technology PLC's better-than-expected fiscal fourth-quarter 2026 earnings report and its forward guidance, which significantly surpassed Wall Street estimates. The company reported Q4 revenue of $3.6 billion, a 48% year-over-year surge, and earnings per share of $5.71, well above expectations. Its gross margin reached 52.7%, a record high, providing a much-needed boost to the previously battered storage sector.

In a press release, Seagate Technology PLC CEO Dave Mosley stated: "Our performance was driven by strong cloud data center demand and strict execution discipline. We expect this momentum to continue into fiscal 2027. As artificial intelligence accelerates data generation and enhances data value, the demand for high-capacity storage will remain resilient over the long term." He added, "Leveraging the Mozaic platform and our differentiated HAMR (heat-assisted magnetic recording) technology roadmap, we are well-positioned to efficiently address the growing exabyte-scale storage demand while driving profitable growth and value creation."

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