STX releases early earnings snippet

B

barney-

Well, this sucks. Had a iron condor on them. Was not expecting big movement (10%+) before January 28th the stated earnings.

"Seagate Technology Announces Selected Preliminary Fiscal Second Quarter 2013 Financial Results"

And it was good news, so stock jumps.

The mini-report goes on to say:

"Seagate will report full fiscal second quarter 2013 financial results on Monday, January 28, 2013 after the close of the market."

Is this legal? Totally screws with traders making time-based bets!

Black Swan!
 
Quote from barney-:

Well, this sucks. Had a iron condor on them. Was not expecting big movement (10%+) before January 28th the stated earnings.

"Seagate Technology Announces Selected Preliminary Fiscal Second Quarter 2013 Financial Results"

And it was good news, so stock jumps.

The mini-report goes on to say:

"Seagate will report full fiscal second quarter 2013 financial results on Monday, January 28, 2013 after the close of the market."

Is this legal? Totally screws with traders making time-based bets!

Black Swan!
More...

It does suck, but legal...... This is why I only do spreads on indexes.... SPX, RUT and NDX .... no one earnings or news release like this will cause such as significant impact.
 
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