Seagate Sliding on Insider Sales
27-Nov-12 12:30 ET
[BRIEFING.COM] The S&P 500 is adding 0.1% as cautious trade continues.
Technology stocks are performing largely in-line with the broader market. Apple (AAPL 586.86, -2.67), which has been in focus recently, is off by 0.5%.
Elsewhere, Seagate (STX 26.17, -1.17) trades lower by 4.3%. The weakness comes after company insiders exercised their options and sold stock. The news is seen as negative for the Seagate as the company was seen as a potential takeover target. Stock sales by insiders suggest that a deal is far from being completed. Western Digital (WDC 34.92, -0.89) is down 2.5% in sympathy.
Also of note, Corning (GLW 12.21, +0.85) is surging 7.5% after the company updated its forecast to reflect better-than-expected fourth quarter LCD volume.