Seagate Crosses $40 And Retreats After Q1 Beat

Seagate Technology PLC STX shares are trading higher by $4.00, or 12 percent, at $38.94 in Monday's session.

Before the open, the company reported a Q1 adjusted EPS beat of 11 cents along with a $9 million beat for sales.

After a much higher open, Seagate continued in that direction before finally peaking at $40.90 and reversed course. That high is just shy of its June 27 high of $41.20.

Profit-takers then came into the stock and nudged through its opening price of $39.45 all the way to $37.64. That low is still well above the upper-end of Friday's range, which is down at $35.28.

At $39.00, the stock is higher by 27 percent of its August 23 low of $30.60.