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Stock Market & Financial Investment News

News Breaks
April 16, 2014
12:39 EDTSNDKEarnings Preview: SanDisk holding up well amid Nasdaq turbulence
SanDisk (SNDK) is set to report first quarter earnings after the market close on Wednesday, April 16, with a conference call scheduled for 5:00 pm ET. SanDisk is a data storage solutions company that offers flash memory products in removable cards, embedded products, and USB drives. EXPECTATIONS: Analysts are expecting Q1 earnings per share of $1.25 on revenue of $1.49B, according to First Call. The consensus range for EPS is 99c-$1.39 on revenue of $1.45B-$1.52B. On its fourth quarter earnings conference call, the company said it sees Q1 revenue of $1.525B-$1.54B, which was in-line with consensus estimates at that time of $1.52B. The company also said it sees Q1 gross margin of 47%-49% and revenue for FY14 of $6.4B-$6.8B. Consensus expectations for FY14 revenue currently stand at $6.66B. LAST QUARTER: SanDisk reported Q4 adjusted EPS of $1.71 on revenue of $1.73B, topping estimates for EPS of $1.58 on revenue of $1.7B. COMPANY NEWS: SanDisk had a number of bits of legal news this quarter, including a February 7 settlement and patent license agreement with the Chip Packaging Solutions subsidiary of Acacia Research (ACTG), resolving pending litigation between the parties. On March 11, SanDisk was awarded $28.5M in its intellectual property dispute with PNY Technologies, and on March 13, the company filed a civil suit against SK Hynix seeking damages and an injunction for trade secret misappropriation. On February 14 in its quarterly filing with the SEC, David Tepper’s Appaloosa Management reported that it liquidated its roughly 400,000 share stake in SanDisk. STREET RESEARCH: Street research has been mixed on SanDisk during the quarter. On the day following its Q4 report, SanDisk was downgraded at Needham to Buy from Strong Buy, citing valuation. Also following SanDisk’s Q4 report, Argus raised its price target on shares to $80 from $75. Last week, analysts at ISI Group initiated coverage on SanDisk with a Neutral rating at and $87 price target. In a note to investors last Friday, analysts at Bank of America Merrill Lynch said SanDisk’s Q1 results are unlikely to meet consensus. The firm said it is also concerned about the company’s Q2 results missing what it believes are bullish expectations given aggressive pricing from competitors in the NAND flash memory space. BofA/Merrill reiterated its Underperform rating and $65 price target on shares. PRICE ACTION: SanDisk has held up relatively well amid a turbulent quarter for the Nasdaq, gaining about 5% since its Q1 report against the tech index’s 4.5% decline. In early afternoon trading ahead of its Q1 report, shares of SanDisk are up more than 1%.
News For SNDK From The Last 14 Days
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July 16, 2014
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 EDTSNDKEarnings Preview: Stifel sees SanDisk results, guidance topping expectations
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08:03 EDTSNDKSanDisk 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.
06:16 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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09:05 EDTSNDKSanDisk to benefit from Amazon use of flash storage, says Pacific Crest
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July 14, 2014
15:38 EDTSNDKSanDisk July volatility increases into Q2 and outlook
SanDisk July call option implied volatility is at 64, August is at 37, 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.
07:31 EDTSNDKSanDisk price target raised to $114 from $95 at Stifel
Stifel raised its price target on SanDisk 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. Stifel believes that demand is shifting towards SanDisk's high valued products, and it keeps a Buy rating.
July 11, 2014
09:31 EDTSNDKSanDisk mentioned cautiously at ITG Research
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09:25 EDTSNDKSanDisk remains a favorite idea at Cleveland Research
Cleveland Research continues to see upside to consensus estimates for SanDisk through 2015. The firm said demand exceeds supply, allowing SanDisk to maximize balanced profitability. Shares are Buy rated.
09:14 EDTSNDKSanDisk has several positive catalysts, says Sterne Agee
Sterne Agee expects SanDisk (SNDK) to benefit from several developments, including a strengthening high margin retail market and new Apple (AAPL) products that will include embedded MCP and SSDs. The firm expects SanDisk to report solid June quarter results and guide to a stronger September quarter. It keeps a Buy rating.
07:08 EDTSNDKSanDisk July volatility elevated at 58 into Q2 and outlook
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July 8, 2014
06:09 EDTSNDKDRAM and NAND flash chip supplies to fall short of demand in 2H14, DigiTimes say
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