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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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January 21, 2015
16:09 EDTSNDKSanDisk expands stock repurchase program by $2.5B
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16:07 EDTSNDKSanDisk says Q4 results impacted primarily by supply constraints
“We delivered record revenue in 2014 with continued progress in shifting our portfolio towards high value solutions,” said Sanjay Mehrotra, president and chief executive officer of SanDisk. “Our SSD solutions reached 29 percent of revenue in 2014, with strong growth from both client and enterprise SSDs. We are disappointed with our fourth quarter results, which were impacted primarily by supply constraints. We believe that NAND flash industry fundamentals are healthy, and we expect our financial results to improve as we move through 2015.”
16:07 EDTSNDKSanDisk reports Q4 adjusted gross margin 45%
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16:06 EDTSNDKSanDisk reports Q4 EPS $1.30, consensus $1.27
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15:27 EDTSNDKNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include American Express (AXP), consensus $1.38; Kinder Morgan (KMI), consensus 34c; eBay (EBAY), consensus 89c; Discover Financial Services (DFS), consensus $1.30; Crown Castle (CCI), consensus $1.05; Crown Castle (SNDK), consensus $1.27; Xilinx (XLNX), consensus 61c; F5 Networks (FFIV), consensus $1.49; United Rentals (URI), consensus $2.07; Plexus (PLXS), consensus 72c; Boston Private Financial Holdings (BPFH), consensus 22c; Dolby Laboratories (DLB), consensus 38c; SLM (SLM), consensus 5c; East West Bancorp (EWBC), consensus 65c; Raymond James Financial (RJF), consensus 86c; BancorpSouth (BXS), consensus 32c.
15:16 EDTSNDKSanDisk January weekly 79 straddle priced for 6% movement into Q4
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15:07 EDTSNDKEarnings Preview: Sandisk reports after cutting revenue forecast
SanDisk (SNDK) is expected to report fourth quarter earnings after the close on Wednesday, January 21, 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 $1.27 on revenue of $1.73B. The consensus range is $1.15-$1.62 for EPS on revenue of $1.72B-$1.73B, according to First Call. On January 12, SanDisk cut its revenue outlook for Q4 to $1.73B from $1.8B-$1.85B. It added that non-GAAP gross margin for the quarter is expected to be approximately 45%, compared to the previously guided range of 47%-49%. "The lower revenue was primarily due to weaker than expected sales of retail and iNAND products," SanDisk explained. LAST QUARTER: On October 16, SanDisk reported third quarter adjusted earnings per share of $1.45 and revenue of $1.75B, compared to expectations of $1.33 and $1.77B, respectively. At that time, SanDisk president and CEO Sanjay Mehrotra said demand for NAND flash continued to be strong across mobile, client and enterprise. On its Q3 earnings call, SanDisk said it was on track for Fusion-io to add to earnings in the second half of fiscal 2015. STREET RESEARCH: On the day of SanDisk's revenue warning, Needham downgraded SanDisk to Hold from Buy, citing the gross margin decline in the company's negative Q4 pre-announcement. Summit Research also downgraded SanDisk to Hold that day, while SanDisk was downgraded to Hold from Buy at Drexel Hamilton the next day. Piper Jaffray, however, viewed SanDisk's lowered Q4 revenue outlook as a "near-term reset" and said it continues to expect "solid ongoing demand" for NAND into 2016. Piper says its long-term thesis on shares of SanDisk remains unchanged. It lowered its price target for shares to $105 and $106 and reiterated an Overweight rating on the stock. Yesterday, Nomura downgraded SanDisk to Reduce from Neutral to reflect worsening product mix as removables continue to decline. The firm, which lowered its price target on the stock to $65 from $70, also noted the company's tough embedded comps and low dividend yield. PRICE ACTION: Over the last three months, shares of SanDisk have declined about 9.5%. Since January 1, SanDisk shares are down about 18%. Ahead of tonight's report, SanDisk is up almost 2% to $80.23 in afternoon trading.
14:23 EDTSNDKSanDisk technical notes before earnings
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January 20, 2015
07:17 EDTSNDKSanDisk downgraded to Reduce from Neutral at Nomura
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January 16, 2015
16:36 EDTSNDKMarket finishes week lower on continued oil, global growth worries
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14:29 EDTSNDKSanDisk January weekly volatility elevated into Q4 and outlook
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January 15, 2015
09:29 EDTSNDKNetlist claim against Diablo controller chips upheld
Netlist (NLST) announced that the U.S. District Court for the Northern District of California denied a motion filed by Diablo Technologies on January 13 requesting the Court to stay the Preliminary Injunction against controller chips used by SanDisk (SNDK) in its high-speed ULLtraDIMM SSD product line. The Preliminary Injunction will therefore remain in place. The Court in a separate ruling rejected SanDisk's request that it be allowed to sell existing inventory of the enjoined products. This order made clear that Diablo and SanDisk are working in concert and are now prohibited from manufacturing and selling the Diablo controller chipset used in the ULLtraDIMM and as a result, from further sale or distribution by SanDisk of the ULLtraDIMM itself.
January 14, 2015
08:00 EDTSNDKSanDisk weakness likely temporary, says Bernstein
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January 13, 2015
10:00 EDTSNDKOn The Fly: Analyst Downgrade Summary
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08:53 EDTSNDKSanDisk downgraded to Hold from Buy at Drexel Hamilton
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08:17 EDTSNDKSanDisk price target lowered to $100 from $110 at UBS
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07:07 EDTSNDKSanDisk shares should be bought on weakness, says Pacific Crest
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07:04 EDTSNDKFederal court confirms halt to sales of chips used by SanDisk, IBM, others
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06:30 EDTSNDKCourt order bars sales of chips used by SanDisk and IBM, WSJ reports
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06:29 EDTSNDKSanDisk pullback yesterday looks overdone, says Citigroup
Citigroup believes the 14% pullback yesterday in shares of SanDisk following the company's Q4 guide-down looks overdone. Citi views the cause of the shortfall as temporary cyclical factor that it thinks should alleviate with the release of the Samsung S6 in March. It dropped its price target for the stock to $110 from $125 but keeps a Buy rating on the name.
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