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By Market News Video Staff, Tuesday, November 30, 9:52 AM ET
Hard disk drive maker Seagate Technology (NASDAQ:STX) said today it has terminated discussions with private equity firms regarding a potential buyout. The company said it determined the indications of the valuation range were not in the best interest of the company and its shareholders.
Seagate also announced its board has authorized an additional $2 billion in share repurchases, which it will fund with cash on hand and future cash flow.
The company said hard disk drive demand has improved, and current expectations for the total available market in the December 2010 quarter is approaching 170 million units.
The company is planning on revenue of $2.7 billion in the quarter, with gross margin at least 19.5% of revenue.
Seagate shares are trading down 3.7% Tuesday.
At 2.8% of the portfolio, Seagate is among the top ten holdings of the First Trust NASDAQ-100-Technology Sector Index Fund (NASDAQ:QTEC).
Top stocks in the fund include Maxim Integrated Products (NASDAQ:MXIM), at 3.16% of the fund, as well as Logitech International (NASDAQ:LOGI), at 2.97% of the portfolio.
Broadcom (NASDAQ:BRCM) is 2.96% of the fund, followed by Nvidia (NVDA), at 2.93%.
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