Seagate Technology (STX) NewsBite - STX Downgraded By Robert W. Baird

Posted: Tuesday, April 14, 2009 1:37 PM EDT

Seagate Technology (STX) was downgraded today by analysts at Robert W. Baird and the stock is now at $5.78, down $0.56 (-8.83%) on volume of 8,806,970 shares traded. The analysts downgraded the stock to Neutral from Outperform. Over the last 52 weeks the stock has ranged from a low of $2.98 to a high of $22.78. Seagate Technology stock has been showing support around $5.61 and resistance in the $6.85 range. Technical indicators for the stock are bearish and S&P gives STX a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on STX the stock seems like it could be a candidate for a September out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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