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This should be a big day for Seagate (STX). The company late yesterday posted strong results for the September quarter, provided Street-beating December guidance and told investors that for the June 2010 year, it should earn at least $2.20 a share on a pro forma basis, 30 cents above the consensus.

So, uh, why is the stock trading off?

Well, I’ll tell you why: the concern on the Street is that from a profitability stand-point, things aren’t going to be getting any better than this.

Seagate (STX) expects revenue for the June 2010 fiscal year of $10.5 billion, with non-GAAP EPS of $2.20; the Street has been expecting $10.5 billion and $1.90. In an interview with Tech Trader Daily this afternoon, CEO Steve Luczo said that the forecast does not assume a significant recovery in enterprise spending, and does not anticipate a major PC refresh cycle.

Seagate (STX) reported revenue for its fiscal first quarter ended October 2 of $2.66 billion, consistent with the company’s statement last month that revenue would top previous guidance of $2.4 billion to $2.6 billion. Profits excluding one-time items totaled 58 cents a share, beating the Street at 47 cents. Gross margin in the quarter was 24.5%, beating the company’s recent guidance of 23%-24%.

Comments by Advanced Micro Devices (AMD) yesterday apparently have triggered worries on the Street that the PC manufacturers, in their zealous optimism about the prospects for Microsoft Windows 7, may have built too many PCs.

As i noted last night, AMD said on its post-earnings conference call with the Street that it expect a less-than-seasonal sequential increase in Q4 revenues, due in part to the “the big build we’ve seen of PCs in anticipation of the Win 7 launch.”

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