This announcement of significant layoffs led to a 5.56% increase in Seagate's stock in one day. Over the next several days, the stock continued to rise.
Seagate Technology Holdings, a prominent data-storage technology company, announced on March 29th its plan to cut an additional 480 jobs. This move extends the company's earlier decision to eliminate around 3,000 positions, constituting 8% of its workforce. The newly announced job cuts, affecting about 1% of the company's workforce, will impact various functions.
This announcement of significant layoffs led to a 5.56% increase in Seagate's stock in one day. Over the next several days, the stock continued to rise to reach +11% since the event.
Although an average move for the Mass Layoff scenario indicated a downward movement in stock price, using LevelFields filters for large-cap technology companies, the proceeding movement is positive.
Filtering down further, large-cap technology companies with a low P/E ratio have an average 1-day impact of +3.4%.
LevelFields users were alerted to the trading opportunity before market open, leaving time to enter the position and profit from the price movement.
Seagate Technology crafts the datasphere, helping to maximize humanity’s potential by innovating world-class, precision engineered data storage and management solutions with a focus on sustainable partnerships. A global technology leader for more than 40 years, the company has shipped over four billion terabytes of data capacity.
