The S&P 500’s top gainers on September 5, 2017, were:
Seagate Technology, an American data storage company, was one of the S&P 500’s top gainers on September 5. ValueAct’s aftermarket disclosure of on Friday increased the buying interest in Seagate Technology. ValueAct is an investment company headquartered in San Francisco. On behalf of several institutional and individual investors, ValueAct manages more than a $16 billion hedge fund.
According to its disclosure on September 1, ValueAct is forming an agreement with Morgan Stanley to buy Seagate Technology shares. According to the agreement, ValueAct will buy 6 million common shares of Seagate Technology. The news supported Seagate Technology’s stock prices. Its stock prices are trading at the lowest levels in more than a year. On Tuesday, Seagate Technology rose to almost one-month high price levels.
After rising to $50 in 1Q17, Seagate Technology started to fall and reached as low as $30.60 in August. The industry-wide fall in hard drive sales and increased migration of sales to solid state drives weighed on Seagate Technology’s performance in 2017. With 50% market share in the enterprise, Seagate Technology was the top enterprise hard disk vendor. The closest competitor is Western Digital (WDC), which has an enterprise hard disk market share of 38%. Due to its huge market share, Seagate Technology’s performance is expected to improve once the weak trend in hard disk sales starts to stabilize.
On September 5, Seagate Technology rose 3% to $32.75—the highest daily close since August 8.
In the next part, we’ll discuss the S&P 500’s top losers on September 5.