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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
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July 17, 2014
07:37 EDTSNDKSanDisk revenue guidance may impact short term sentiment, says UBS
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05:44 EDTSNDKSanDisk post-earnings pullback a buying opportunity, says Piper Jaffray
Piper Jaffray recommends using the post-Q2 earnings pullback in shares of SanDisk as a buying opportunity. The firm believes favorable trends for 2015 remain intact and it reiterates an Overweight rating on the stock with a $110 price target.
July 16, 2014
18:26 EDTMU, SNDKOn The Fly: After Hours Movers
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17:48 EDTSNDK, FIOSanDisk says expects to be 'somewhat supply constrained' in 2H14
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17:22 EDTSNDKSanDisk sees Q3 revenue $1.675B-$1.725B, consensus $1.74B
Sees Q3 adjusted gross margin 47%-49%. Guidance from company's Q2 earnings conference call.
16:12 EDTSNDKSanDisk down 7% following Q2 results
16:10 EDTSNDKSanDisk says poised to deliver another record year in 2014
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16:08 EDTSNDKSanDisk announces quarterly dividend of 30c per share
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16:06 EDTSNDKSanDisk reports Q2 adjusted gross margin 48%
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16:05 EDTSNDKSanDisk reports Q2 adjusted EPS $1.41, consensus $1.39
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15:27 EDTSNDKNotable companies reporting after market close
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13:52 EDTSNDKSanDisk July 107 straddle priced for 5.5% move into Q2
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13:44 EDTFIO, SNDK, MUEarnings Preview: Stifel sees SanDisk results, guidance topping expectations
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08:03 EDTFIO, SNDKSanDisk 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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