“We think that mean reversion will happen in this business, sooner rather than later,” he said at the Sohn Investment Conference in New York today.
Seagate shares, which closed at a record $42.32 today in New York, fell 4.3 percent in electronic trading. The shares have advanced 39 percent so far this year.
Chanos said there is a lot of insider selling at Dublin-based Seagate. The hard-disk drive business is suffering as the amount of disk storage exceeds demand and that cloud computing is more efficient for personal-computer users, Chanos said.
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