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Stock Market & Financial Investment News

News Breaks
April 20, 2012
10:00 EDTMU, SNDKSanDisk sinks after Q1 results, revenue guidance miss expectations
Flash memory device maker SanDisk (SNDK) yesterday after the close reported Q1 adjusted EPS of 63c, compared with analysts' consensus estimate of 70c. The adjusted EPS figure excludes several items, such as share-based compensation expense, and amortization of acquisition-related intangible assets. SanDisk's revenue also came in lower than expected. Meanwhile, the company predicted that its FY12 revenue would come in below its FY11 revenue of $5.66B. Analysts' consensus revenue outlook for FY12 was $5.89B. "Our first quarter results were adversely impacted by lower-than-expected pricing and demand weakness in certain segments and we expect similar trends in the second quarter as well," said Sanjay Mehrotra, president and CEO. "We believe a seasonally stronger demand environment in the second half of the year....will allow us to deliver strong sequential revenue growth in the third and fourth quarters," added Mehotra. In a note to investors today, Deutsche Bank responded to SanDisk's results and guidance by downgrading the stock to Hold from Buy. The firm, which slashed its price target on the stock to $35 from $53, thinks that the company's market share losses are accelerating while the company's NAND business is underperforming even as that market grows. In early trading, SanDisk tumbled $5.27, or 13.02%, to $35.20. Micron (MU), which also develops flash memory devices, gave back 27c, or 3.78%, to $6.74.
News For SNDK;MU From The Last 14 Days
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December 22, 2014
08:49 EDTMUMicron January volatility elevated into Q1 and outlook
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December 19, 2014
11:54 EDTMUMicron January volatility elevated at 46 into Q1 and outlook
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07:57 EDTMUMicron January volatility elevated at 46 into Q1 and outlook
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07:42 EDTMUEPAM, WisdomTree added to Franchise Pick list at Jefferies
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December 15, 2014
10:00 EDTSNDKOn The Fly: Analyst Upgrade Summary
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08:14 EDTSNDKSanDisk upgraded to Buy from Hold at Summit Research
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December 12, 2014
06:13 EDTMUMicron in talks to revise supply agreement with Inotera, DigiTimes reports
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December 9, 2014
06:25 EDTMUMicron attempt to renegotiate supply agreement with Inotera, DigiTimes says
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December 8, 2014
07:36 EDTMUMicron December volatility of 31 at low end of historic range
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