Seagate says sales rising more than expected

  • Updated: January 8, 2013 - 8:42 PM
Seagate says sales rising more than expected

Seagate Technology PLC said sales rose to at least $3.6 billion in the fiscal second quarter, exceeding an earlier forecast for $3.5 billion as the company maintained share in the computer hard-drive market. Gross margin, a measure of profitability, was more than 27 percent in the three months through Dec. 28, Seagate said. The company previously had forecast gross margin at the low end of a range of 27 percent to 32 percent. Analysts had estimated sales of $3.52 billion, according to data compiled by Bloomberg. The higher projection contrasts with the outlook last year, when Seagate reduced growth forecasts some periods.

GM switches ad slogan for Chevrolet brand

General Motors Co., making its first major advertising change since ditching its chief marketing officer last year, said it's dropping the "Chevy Runs Deep" ad slogan for the new global theme of "Find New Roads." The Chevrolet brand's new tagline, which will debut in an ad campaign in the U.S. this quarter, will be used in more than 140 markets. GM plans 20 new Chevy vehicle introductions worldwide this year, including 13 in the U.S., as part of an aggressive product rollout following the company's 2009 bankruptcy reorganization.

Consumer credit rises more than expected

Consumer credit in the U.S. increased more than forecast in November, led by borrowing for student loans and automobiles. The $16 billion gain followed a $14.1 billion advance in October, Federal Reserve figures showed. The median forecast of 34 economists surveyed by Bloomberg called for a $12.8 billion November rise. With sustained gains in the labor market, reflected by December's 155,000 increase in payrolls, and strong demand for student loans and cars, economists expect consumer credit to continue to grow in the early months of 2013.

New CEO at mining giant Anglo American

Strikes at mines in South Africa, cost overruns at some projects and a share price that has been lagging behind those of its rivals are just a few issues that Mark Cutifani will have to deal with when he takes over as chief executive at Anglo American, the world's largest platinum producer. Anglo American said that Cutifani, the chief executive of the South African gold producer AngloGold Ashanti, would succeed Cynthia Carroll as chief executive in April. Carroll announced her resignation in November after more than five years in the job.

Allergan interested in selling weight-loss unit

Allergan Inc., the maker of the Botox wrinkle treatment, has attracted interest for its weight-loss unit and wants to sell the business by the end of the first quarter, Chief Executive David Pyott said. Allergan said in October it would consider a sale of the obesity business, including the Lap-Band device, as revenue declined and concerns rose about the weight-loss procedure. Allergan in November said it would buy a unit of SkinMedica Inc. for $350 million to expand its skin-care business.

Anheuser to push Black Crown in Super Bowl

Budweiser Black Crown, the latest of Anheuser-Busch's higher-alcohol beers, will get its debut during the Super Bowl. The first ad for the amber lager will run during Super Bowl XLVII on Feb. 3, with the product available nationwide on store shelves Jan. 21, A-B said. The beer's recipe came from a challenge the brewer set for its 12 brewmasters, dubbed Project 12, to develop a unique take on its flagship Budweiser. Customers sampled the offerings during the test phase over the last year, and the winning result became Budweiser Black Crown. Like A-B's new Beck's Sapphire, an extension of Beck's beer that was unveiled last week, Budweiser Black Crown has 6 percent alcohol content, up from Budweiser's 5 percent.

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