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News Breaks
July 16, 2014
13:44 EDTFIO, SNDK, 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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May 19, 2015
11:16 EDTSNDKSanDisk sees completing headcount reductions by end of this quarter
11:06 EDTSNDKSanDisk says in Q2 to date repurchased $100M in shares
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10:57 EDTSNDKSanDisk targets 2016 for return to enterprise revenue growth
10:56 EDTSNDKSanDisk sees enterprise revenue contracting sequentially in Q2
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10:49 EDTSNDKSanDisk rallies while presenting at conference
Shares of SanDisk (SNDK) are moving higher while the company is presenting at the J.P. Morgan Global Technology, Media and Telecom Conference. During its presentation, SanDisk management said that 15 nanometer technology is ramping to plan and that it expects "strong" sequential revenue growth in the second half of the year. Shares of SanDisk are up 1.7% to $68.66 in morning trading.
10:46 EDTSNDKSanDisk sees strong sequential revenue growth in 2H
Sees successful completion of embedded qualifications.
10:43 EDTSNDKSanDisk says 15 nanometer technology ramping to plan
Comments from J.P. Morgan Global Technology, Media and Telecom Conference.
May 18, 2015
16:00 EDTMUOptions Update; May 18, 2015
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10:57 EDTMUMicron May weekly calls active
Micron May weekly 26.5 and 27 weekly calls are active on total call volume of 35K contracts (3K puts). May weekly call option implied volatility is at 36, June is at 32, July is at 34; compared to its 90-day average of 35, active call volume suggests traders taking positions for large near term price movement.
10:32 EDTMUMicron management to meet with JMP Securities
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10:02 EDTSNDKNAND pricing tracking ahead of expectations, says JPMorgan
JPMorgan said the NAND market is picking up and pricing is tracking ahead of expectations due to restocking momentum. The firm expects NAND market traction heading into 2H driven by new smartphone launches and a recovery in the PC market. Note SanDisk is leveraged to NAND.
May 15, 2015
16:28 EDTMUAppaloosa Management gives quarterly update on stakes
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16:01 EDTMUOptions Update; May 15, 2015
iPath S&P 500 VIX Short-Term Futures down 20c to 20.06 Option volume leaders: AAPL BAC FB NFLX TWTR BABA CSCO TSLA MU GILD T MSFT AMZN MCD
10:40 EDTMUStocks with call strike movement; MU AMAT
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08:44 EDTMUMicron estimates lowered on weaker pricing at Nomura
Nomura lowered Micron estimates due to on-going softness in pricing due to the persistent weak PC backdrop. The firm lowered its August quarter earnings estimate to 61c from 75c, 2015 earnings estimate to $2.83 from $3.33, and 2016 to $3.33 from $3.75. Shares are Neutral rated with a $25 price target, down from $28.
08:16 EDTMUSamsung not engaged in DRAM price war with Micron, says Jefferies
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May 13, 2015
10:08 EDTSNDKRumor: SanDisk strength attributed to renewed takeover speculation
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May 12, 2015
14:07 EDTMUFollow-up: Micron downgraded to Hold at Drexel Hamilton
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13:36 EDTMUMicron downgraded to Hold from Buy at Drexel Hamilton
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07:51 EDTMUDeutsche Bank to hold a conference
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