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Stock Market & Financial Investment News

News Breaks
July 17, 2014
12:15 EDTHILL, FIO, EMC, SNDK, NTAPSanDisk plummets after Q3 revenue outlook disappoints
Shares of flash memory manufacturer SanDisk (SNDK) are sinking after the company’s third quarter revenue outlook trailed analysts’ consensus estimates. WHAT'S NEW: Last night, SanDisk reported second quarter adjusted EPS of $1.41 and revenue of $1.63B, beating estimates of $1.39 and $1.6B, respectively. The company said Q2 adjusted gross margin came in at 48%. President and Chief Executive Officer Sanjay Mehrotra commented that SSD solutions comprised 29% of Q2 revenue, compared to 16% in the year ago quarter, "demonstrating strong progress in driving our strategic priorities." Mehrotra said the Q2 results positions the company to deliver a record year in 2014. WHAT’S NOTABLE: SanDisk forecast Q3 revenue of $1.675B-$1.725B, below consensus estimates of $1.74B. The comapny also guided Q3 adjusted gross margin at 47%-49%. On the company's earnings conference call, management said it expects the second half of 2014 to be "somewhat supply constrained." The company expects the Fusion-io (FIO) deal to close in Q3, and sees it being accretive to earnings in the second half of fiscal 2015, though initial synergies will be "modest." SanDisk sees fiscal year 2014 cash capital expenditures of approximately $600M and is still targeting returning 100% of free cash flow to shareholders. ANALYST REACTION: This morning, analyst commentary was mostly positive. Research firm Piper Jaffray said SanDisk’s post-earnings pull back represents a buying opportunity. The firm, which reiterated an Overweight rating with a $110 price target, believes favorable trends for 2015 remain intact. BofA/Merrill reiterated its Buy rating and $125 price target on the shares. Conversely, Summit Research said it believes SanDisk's valuation is stretched and priced to perfection. The firm believes margins have peaked and 3D NAND issues remain a concern. PRICE ACTION: In early afternoon trading, SanDisk fell $13.72 or about 12.64%, to $94.20 on nearly four times its average daily trading volume. Despite today’s pull back, the stock has gained approximately 59% over the past twelve months, and 34% year to date. OTHERS TO WATCH: Other companies that produce memory include NetApp (NTAP), EMC (EMC) and Dot Hill Systems (HILL).
News For SNDK;FIO;NTAP;EMC;HILL From The Last 14 Days
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November 28, 2014
07:04 EDTSNDKDRAM market to grow 34% in 2014, says JPMorgan
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November 26, 2014
10:11 EDTHILLOn The Fly: Analyst Initiation Summary
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08:15 EDTNTAP, HILLDot Hill Systems initiated with a Buy at Maxim
Maxim says its analysis of Dot Hill Systems' (HILL) intellectual property indicates the company is unlikely to lose its business with HP (HPQ). The firm adds that Dot Hill management believes NetApp's (NTAP) slow exit from Engenio's OEM business brings at least a $200M incremental revenue and $40M operating profit opportunity. Maxim started shares of Dot Hill Systems with a Buy rating and $7 price target.
November 25, 2014
12:35 EDTEMCEarnings Preview: Analysts take positive view of HP after split plan
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09:38 EDTNTAPNetApp participates in a conference call with Goldman Sachs
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November 21, 2014
10:01 EDTEMCOn The Fly: Analyst Initiation Summary
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07:25 EDTEMCEMC reinstated with a Buy at BofA/Merrill
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November 20, 2014
07:23 EDTEMCBoston Security Analysts Society to hold a conference
Sustainable Investing: Taking the Long View is being held in Boston on November 20.
November 19, 2014
10:29 EDTSNDKGoogle now top competitor to Apple, Jefferies says
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08:08 EDTSNDKSanDisk Ventures announces investment in Altair Semiconductor
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November 18, 2014
09:56 EDTSNDKOn The Fly: Analyst Initiation Summary
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08:18 EDTSNDKSanDisk initiated with a Buy at BTIG
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08:15 EDTHILLDot Hill Systems, RAID sign OEM agreement
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07:24 EDTHILLRoth Capital to hold a conference
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November 17, 2014
06:02 EDTEMCStocks with implied volatility movement; WFT EMC
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November 14, 2014
13:55 EDTEMCEMC volatility elevated as shares near 13-year high
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