Don Chichot
/ 83.5.237.* / 2009-04-07 16:03
Fitch Ratings on Tuesday cut its rating on Seagate Technology (STX:
seagate technology shs
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Last: 6.23-0.17-2.66%
10:02am 04/07/2009
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STX 6.23, -0.17, -2.7%) to BB from BB+. Fitch said it made the move due to what it sees as declining demand for hard-disk drives, especially those used in personal computers. Fitch said the worldwide economic slowdown is at the root of the weakness in hard-disk drive sales, and it expects demand to remain weak throughout 2009. Seagate shares fell 20 cents, or 3%, to $6.21. End of Story