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Hard disk manufacturer Seagate Corporation (STX - Analyst Report) has come up with a mobile wireless storage device: Seagate Wireless Plus mobile device storage. The new product was announced at the 2013 Consumer Electronics Show.

This particular device can connect up to eight smart phones or tablets and can store 500 high-definition movies. The new device has a 10-hour battery life.

This particular device can be used through the mobile Seagate Media app for Apple (AAPL - Analyst Report) iOS, the Android OS from Google and any Kindle Fire HD devices from Amazon.com (AMZN - Analyst Report). The company is using the Wireless Plus to enjoy video, photos, music and even documents on the big screen via Apple Airplay, DLNA or an app designed to cater to the Samsung Smart TVs and Blu-ray players.

The company is focusing on innovating new products. Seagate, otherwise known for HDDs, also supplies solid state drives (SSDs), demand for which is expected to pick up going forward. However, the company has struggled a lot to gain significant traction. In April 2011, Seagate added Samsung Electronics Co.’s HDD business, which gave the company access to Samsung's NAND-type flash chips for its SSD products.

This apart, the company has been able to control costs and increase the sale of high-margin products. Moreover, Seagate is coming up with new products to woo customers and address other segments. Seagate also has greater exposure to high-end corporate desktop and enterprise server markets than its rival Western Digital Corp. (WDC - Analyst Report).

However, PC demand is yet to pick up substantially and increasing use of SSDs will continue to affect the demand for its core HDDs. In the last quarter, the company’s Enterprise SSD market did not grow as expected, though it did not impact margins negatively.

Currently, Seagate has a Zacks #3 Rank (Hold)

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