Choppy waters for Seagate Technology

April 16, 2016 at 5:32PM
FILE - In this Jan. 14, 2015, file photo, people walk past a branch of Chase Bank, in New York. JPMorgan Chase & Co. (JPM) on Wednesday, April 13, 2016, reported first-quarter earnings. (AP Photo/Mark Lennihan, File)
JPMorgan Chase reported first-quarter earnings that exceeded analysts’ expectations. (The Minnesota Star Tribune)

Tech troubles: Seagate Technology shares dropped 17 percent to $28.09 Thursday after the electronic storage maker said third-quarter profit margins and revenue will be lower than expected. The company said it's seeing lower demand for some kinds of hard disk drives. Its stock closed the week at $25.59.

Traffic jam: Hertz Global Holdings dropped 11 percent, to $8.69 Monday after the rental car company cut its full-year earnings forecast. The company said the car rental industry is suffering from too much capacity and competition. Hertz shares closed at $8.70 Friday.

Earnings hit: Alcoa, the aluminum mining giant, dropped 3 percent Tuesday to $9.48 after it reported a 15 percent decline in revenue late Monday. Alcoa also had a huge drop in first-quarter profit from a year earlier as aluminum prices fell. Alcoa's stock closed the week at $10.01.

Take it to the bank: JPMorgan Chase shares rose 3 percent to $61.19 Wednesday after it reported a first-quarter profit decline that was less than expected. Overall revenue also exceeded expectations despite weak results in its investment banking business. Shares closed the week at $61.87.

Loss upside: Agriculture and construction equipment company Titan Machinery shares rose 6 percent to $12.15 Wednesday after it said it took a smaller loss than investors expected. Titan stock closed Friday at $12.02.

Flying high: Delta Air Lines' stock rose nearly 3 percent to $49.80 Thursday after it said first-quarter profit jumped 27 percent, helped by low fuel costs. Delta shares closed Friday at $47.50.

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Spencer Platt

The U.S. stock market roared back on Friday, as technology stocks recovered much of their losses from earlier in the week and bitcoin halted its plunge, at least for now.

Attendees of Frostbike made their way through the convention Saturday at the Quality Bike Products campus in Minneapolis. ] (AARON LAVINSKY/STAR TRIBUNE) aaron.lavinsky@startribune.com Frostbike 2016 was held at the Quality Bike Products Campus on Saturday, Feb. 27, 2016 in Bloomington, Minn.
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