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Stock Market & Financial Investment News

News Breaks
July 16, 2014
13:44 EDTSNDK, FIO, MUEarnings Preview: Stifel sees SanDisk results, guidance topping expectations
SanDisk (SNDK) is expected to report second quarter earnings after the close on Wednesday, July 16, with a conference call scheduled for 5:00 pm ET. SanDisk manufactures data storage solutions, including removable and embedded Flash memory and solid-state drives. EXPECTATIONS: Analysts are looking for earnings per share of $1.39 on revenue of $1.6B. The consensus range is $1.31-$1.50 for EPS on revenue of $1.58B-$1.64B, according to First Call. With its last report, the company forecast Q2 revenue of $1.55B-$1.63B and Q2 gross margins of 47%-49%. For FY14, the company expects revenue of $6.4B-6.8B, versus consensus of $6.73B. Last quarter, SanDisk raised its FY14 adjusted gross margin outlook to 47%-49% from 45%-48%. LAST QUARTER: On April 16, SanDisk reported first quarter earnings per share of $1.44 and revenue of $1.51B, compared to expectations of $1.25 and $1.49B, respectively. Q1 gross profit as a percentage of revenue came in at 49.7% on a GAAP basis and 51.2% on a non-GAAP basis. NEWS: On June 16, SanDisk announced a definitive agreement to acquire Fusion-io (FIO), a developer of flash-based PCIe hardware and software solutions that enhance application performance in enterprise and hyperscale datacenters. The acquisition will be an all-cash transaction valued at approximately $1.1B, net of cash assumed. Earlier today, SanDisk announced that the waiting period for U.S. antitrust review of its proposed acquisition of Fusion-io expired last night. The expiration of the HSR waiting period, together with the determination that no pre-merger notifications are required to be filed in Germany, satisfies one of the conditions to close the tender offer, though other conditions remain to be satisfied, the company noted. PEER REPORT: SanDisk peer Micron Technology (MU) reported earnings per share and revenue for its third quarter that surpassed analysts' expectations after the market close on June 23. Micron's Q3 EPS of 79c was 9c higher than expectations, while its Q3 revenue of $3.98B beat analysts' consensus forecast of $3.89B. Revenues for both DRAM and NAND Flash products were down slightly for the quarter compared to last year's results. STREET RESEARCH: The day after SanDisk announced its deal to buy Fusion-io, Sterne Agee increased its price target on SanDisk to $125 from $105. The firm said it thought that Fusion-io can conservatively increase SanDisk's FY15 EPS to about $7 and it kept a Buy rating on SanDisk. More recently, Stifel raised its price target on SanDisk to $114 from $95, 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 and believes that demand is shifting towards SanDisk's high valued products. Stifel kept a Buy rating on the stock. PRICE ACTION: Since the day after last quarter's report, shares of SanDisk have advanced about 41%. Ahead of tonight's report, SanDisk was up about 1.59% to $107.24 in afternoon trading.
News For SNDK;FIO;MU From The Last 14 Days
Check below for free stories on SNDK;FIO;MU the last two weeks.
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September 16, 2014
09:36 EDTMUActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL NFLX TSLA YHOO FB PBR MU AA TWTR WMT
September 15, 2014
11:56 EDTMUStocks with call strike movement; MU GILD
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07:19 EDTSNDKSNIA to hold a conference
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September 14, 2014
18:10 EDTMUMicron looks to expand to autos and wearables, WSJ says
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September 10, 2014
10:44 EDTMUMicron mentioned positively at Raymond James
September 9, 2014
07:22 EDTMURaymond James to hold a conference
North American Equities Conference to be held in London, England on September 9.
05:22 EDTSNDKToshiba, SanDisk start construction of Fab 2 facility at Yokkaichi, Japan
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September 8, 2014
10:06 EDTSNDKOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AIG (AIG) initiated with a Buy at Citigroup... Agilent (A) initiated with an Equal Weight at Morgan Stanley... Altisource Residential (RESI) initiated with a Neutral at JPMorgan... AngloGold (AU) initiated with an Overweight at JPMorgan... Arista Networks (ANET) initiated with an Outperform at FBN Securities... C1 Financial (BNK) initiated with a Buy at Wunderlich... Cherokee (CHKE) initiated with a Buy at Roth Capital... ContraFect (CFRXU) initiated with a Buy at Maxim... DRDGOLD (DRD) initiated with an Underweight at JPMorgan... Enable Midstream (ENBL) initiated with an Equal Weight at Morgan Stanley... Enservco (ENSV) initiated with an Outperform at Northland... GoPro (GPRO) initiated with an Outperform at FBN Securities... Gold Fields (GFI) initiated with an Overweight at JPMorgan... Gulfport Energy (GPOR) initiated with an Equal Weight at Morgan Stanley... Harmony Gold (HMY) initiated with a Neutral at JPMorgan... Illumina (ILMN) initiated with an Equal Weight at Morgan Stanley... LINN Energy (LINE) reinstated with an Outperform at Credit Suisse... LinnCo (LNCO) reinstated with an Outperform at Credit Suisse... Randgold (GOLD) initiated with a Neutral at JPMorgan... Rentrak (RENT) initiated with a Buy at Needham... Rice Energy (RICE) initiated with an Accumulate at KLR Group... SanDisk (SNDK) initiated with an Outperform at FBN Securities... Seadrill (SDRL) initiated with a Sell at Canaccord... Tesla (TSLA) initiated with an Outperform at FBN Securities... Thermo Fisher (TMO) initiated with an Overweight at Morgan Stanley... Waters (WAT) initiated with an Underweight at Morgan Stanley... Whiting Petroleum (WLL) initiated with an Equal Weight at Morgan Stanley.
08:08 EDTSNDKSanDisk initiated with an Outperform at FBN Securities
Target $120.
September 5, 2014
10:05 EDTSNDKOn The Fly: Analyst Upgrade Summary
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09:31 EDTSNDKSanDisk acquisition positive, says Bernstein
After SanDisk bought Fusion-io, Bernstein thinks the deal plugs the gap in the company's Enterprise SSD market and will accelerate its growth in this new market. The firm expects the deal to be dilutive to SanDisk until 3Q15. It keeps an Outperform rating on the shares.
08:01 EDTSNDKSanDisk upgraded at Morgan Stanley
As previously reported, Morgan Stanley upgraded SanDisk to Overweight from Equal Weight. The firm upgraded shares based on valuation and a solid NAND supply/demand balance for 2015-2016.
05:57 EDTSNDKSanDisk upgraded to Overweight from Equal Weight at Morgan Stanley
September 4, 2014
12:50 EDTMUMicron's Adams says market different now due to consolidation, diversification
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06:55 EDTSNDKSanDisk reinstated with a Buy at Deutsche Bank
Deutsche Bank reinstated shares of SanDisk with a Buy rating citing limited NAND supply risk in the next 12 months and the demand pickup from SSDs and smartphones. The firm has a $110 price target for shares.
06:53 EDTMUMicron reinstated with a Buy at Deutsche Bank
Deutsche Bank reinstated shares of Micron with a Buy rating saying the company's improved profitability and free cash flow generation are sustainable. The firm has a $40 price target for shares.
September 3, 2014
09:29 EDTSNDK, MUMicron, SanDisk have positive read though from Samsung proxy, says Sterne Agee
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September 2, 2014
07:09 EDTSNDKNetlist patent case against SanDisk will proceed
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