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Seagate (STX) Stock Spikes on Q4 Revenue Outlook

NEW YORK (TheStreet) -- Shares of Seagate Technology (STX) are surging 19.3% to $28.74 on heavy trading volume Tuesday morning after the company announced better-than-expected preliminary revenue for the 2016 fiscal fourth quarter.

The Dublin-based data storage provider now sees revenue of about $2.65 billion, above analysts' estimates of $2.32 billion.

Seagate had previously projected revenue of approximately $2.3 billion.

The company is scheduled to report 2016 fiscal...