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News Breaks
June 23, 2014
14:27 EDTMU, SNDKEarnings Preview: Analysts bullish on Micron results, outlook
Micron (MU) is expected to report third quarter earnings after the close on Monday, June 23, with a conference call scheduled for 4:30 pm ET. Micron manufactures semiconductor devices, principally Dynamic Random Access Memory, or DRAM, NAND Flash and NOR Flash memory. EXPECTATIONS: Analysts are looking for earnings per share of 70c on revenue of $3.89B. The consensus range is 58c-79c for EPS on revenue of $3.75B-$4.29B, according to First Call. LAST QUARTER: Micron reported second quarter EPS, excluding certain gains, of 85c, compared to the 76c consensus estimate of analysts. Micron's quarterly revenue of $4.11B beat expectations for $3.99B. Revenues from sales of Trade NAND Flash products were 11% higher sequentially, primarily due to a 35% increase in sales volume offset by an 18% decrease in average selling prices. Revenues from sales of DRAM products were essentially unchanged in Q2 compared to the prior quarter, as both sales volumes and average selling prices remained stable. The company's overall consolidated gross margin was 34% in the quarter, compared to 32% in the prior quarter, as a result of a higher DRAM gross margin. STREET RESEARCH: The supply/demand dynamics for Micron and SanDisk (SNDK) are more favorable than Bank of America Merrill Lynch had previously believed, analyst Simon Dong-je Woo wrote in a note to investors on June 11. Among the reasons for the change in the firm's outlook are higher memory content in laptops and tablets made in China and more aggressive promotion of flash storage by data/network operators. Meanwhile, hurdles will prevent new memory supplies from causing a glut in the market, Woo believes. Both companies should report "upbeat" results in the second half of 2014 and in 2015, the analyst forecast. He increased his price target on Micron to $40 from $22 at the time and upgraded the stocks two notches to Buy from Underperform. In a note sent two day's later, Sterne Agee said it expected the results for Micron's May quarter to be strong and predicted that the company's guidance for its August quarter will be stronger. The firm, which expects the company's August quarter results to be boosted by a turnaround in key NAND-DRAM margins, raised its price target on the stock to $38 from $32 and kept a Buy rating on the name. Most recently, RBC Capital said it thinks that Micron benefited from healthy demand trends and gross margin expansion in Q3. The firm raised its price target on the stock to $38 from $34 on June 20 and kept its Outperform rating on the shares. PRICE ACTION: Since the day after last quarter's report, shares of Micron have advanced about 30%. Ahead of tonight's report, Micron was down about 0.5% to $31.69 in afternoon trading.
News For MU;SNDK From The Last 14 Days
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July 16, 2014
13:52 EDTSNDKSanDisk July 107 straddle priced for 5.5% move into Q2
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13:44 EDTMU, SNDKEarnings Preview: Stifel sees SanDisk results, guidance topping expectations
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08:03 EDTSNDKSanDisk announces expiration of HSR waiting period for Fusion-io purchase
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06:56 EDTSNDKSanDisk volatility increases into Q2 and outlook
SanDisk July call option implied volatility is at 79, August is at 38, October is at 34; compared to its 26-week average of 30 according to Track Data, suggesting large near term price movement in the expected release of Q2 results after the market close on July 16.
06:20 EDTMUDRAM chip prices likely to increase 10% in July, DigiTimes reports
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06:16 EDTSNDKSanDisk partners with Rockchip for iNAND solutions, DigiTimes reports
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July 15, 2014
15:45 EDTSNDKSanDisk technical comments ahead of earnings
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11:07 EDTMUStocks with call strike movement; MU FB
Micron (MU) October 37 call option implied volatility increased 2% to 39, Facebook (FB) December 75 call option implied volatility increased 3% to 38 according to IVolatility.
09:05 EDTSNDKSanDisk to benefit from Amazon use of flash storage, says Pacific Crest
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July 14, 2014
15:38 EDTSNDKSanDisk July volatility increases into Q2 and outlook
SanDisk July call option implied volatility is at 64, August is at 37, October is at 34; compared to its 26-week average of 30 according to Track Data, suggesting large near term price movement in the expected release of Q2 results after the market close on July 16.
13:29 EDTMUMicron conference call with management positive, says Sterne Agee
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07:31 EDTSNDKSanDisk price target raised to $114 from $95 at Stifel
Stifel raised its price target on SanDisk as the firm expects the company's June quarter results to beat consensus estimates. The firm predicts that SanDisk's guidance for its September quarter may also beat expectations. Stifel believes that demand is shifting towards SanDisk's high valued products, and it keeps a Buy rating.
July 11, 2014
09:31 EDTSNDKSanDisk mentioned cautiously at ITG Research
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09:25 EDTSNDKSanDisk remains a favorite idea at Cleveland Research
Cleveland Research continues to see upside to consensus estimates for SanDisk through 2015. The firm said demand exceeds supply, allowing SanDisk to maximize balanced profitability. Shares are Buy rated.
09:14 EDTSNDKSanDisk has several positive catalysts, says Sterne Agee
Sterne Agee expects SanDisk (SNDK) to benefit from several developments, including a strengthening high margin retail market and new Apple (AAPL) products that will include embedded MCP and SSDs. The firm expects SanDisk to report solid June quarter results and guide to a stronger September quarter. It keeps a Buy rating.
07:08 EDTSNDKSanDisk July volatility elevated at 58 into Q2 and outlook
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July 9, 2014
11:30 EDTMUMicron shares defended at Sterne Agee
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10:36 EDTMUMicron trades lower, levels to watch
The shares were last down over 3% to $32.13 as the stock edges away from its recent 52-week high at $34.50. The 10-day moving average has been broken to the downside, last at $32.88 and now resistance. That break is short-term bearish for price. Next support below current levels is at $31.26, and then at the 30-day moving average last at $30.81.
09:40 EDTMUSamsung raisiing DRAM capacity, says Morgan Stanley
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09:35 EDTMUActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AA FB AMZN TSLA TWTR MU NFLX GG CELG
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