STX - Why Seagate Stock Topped the S&P 500 Index Today
2024-03-21 18:31:50 ET
Thursday was a fine day to load up on computer chip and storage stocks. In the latter category, data storage mainstay Seagate Technology (NASDAQ: STX) had a bullish trading session, closing more than 1% higher against the S&P 500 index's 0.3% upward crawl. Seagate largely has one of its tech sector peers to thank for that.
That peer is flash memory maker Micron Technology , which unveiled its latest set of quarterly results before market open. Happily for that company's shareholders and the elements of the tech sector affected by the memory market -- like Seagate's stock in trade, storage -- the results were impressive. Micron posted a heavy double-digit rise in revenue, while its non-GAAP (adjusted) operating profit flipped into the black.
All things being equal, if the various chip segments in the tech sphere are doing well, storage also stands to gain. Robust demand for chips tends to indicate a hunger for more sophisticated products, and more sophisticated products tend to raise the need for larger-capacity and better storage solutions.
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Why Seagate Stock Topped the S&P 500 Index Today