Seagate, Sirius, Cirrus: Tech Premarket
NEW YORK (TheStreet) -- Seagate(STX) shares tumbled before market open on Tuesday as investors digested the company's fourth-quarter results, released late on Monday.
Results from the hard drive specialist, which announced its preliminary results earlier this month, came in below Wall Street's top- and bottom-line estimates, but hiked its dividend. Seagate's fourth-quarter gross margin was 33.1%, or 33.6% excluding items.
"As we announced previously, we were disappointed not to meet our revenue and margin plan for the fourth quarter as a result of the industry's faster recovery from the supply chain disruption and an isolated supplier issue that we experienced," said Steve Luczo, Seagate's CEO, in a statement released after the market close.
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Seagate shares slumped 8.31% to $27.90 before market open on Tuesday.
The Cupertino, Calif.-based firm was also one of the most active Nasdaq stocks on share volume of 261,020.
Sirius XM(SIRI) , which reports its second-quarter results next week, was another active Nasdaq stock on share volume of 535,248.
Shares of the satellite radio specialist slipped 0.46% to $2.18 before market open.
Cirrus Logic(CRUS) , however, was a major gainer, climbing 20.98% to $36.10 after reporting strong first-quarter results and offering robust outlook on Monday.
As a key Apple(AAPL) partner, the chipmaker's healthy guidance may point to the launch of the new iPhone, which is rumored to debut in September or October.
Apple shares rose 1.35% to $603.05 in premarket trading.
--Written by James Rogers in New York.
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