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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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October 21, 2014
09:07 EDTSNDKFlextronics appoints Michael Mendenhall as Chief Marketing Officer
Flextronics (FLEX) announced that Michael Mendenhall has been appointed to lead the Company's worldwide marketing, branding and communications initiatives. Mendenhall most recently served as the Executive Vice President and Chief Marketing and Communications Officer for Fusion-io. In this role, he was responsible for repositioning the Company's brand and products and played a key role in its successful acquisition by SanDisk (SNDK). Previously, he served as Senior Vice President and Chief Marketing Officer for HP (HPQ) and directed all aspects of corporate marketing operations globally.
October 20, 2014
12:36 EDTSNDKOptions with decreasing implied volatility
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October 17, 2014
16:55 EDTSNDKStocks end volatile week lower amid oil price plunge
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16:17 EDTSNDKOn The Fly: Closing Wrap
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14:23 EDTSNDKSanDisk shares attractive after pullback, says Argus
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09:17 EDTSNDKOn The Fly: Pre-market Movers
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07:32 EDTSNDKSanDisk price target lowered to $110 from $120 at UBS
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07:31 EDTSNDKSamsung first to market with new multilayer NAND technology, Nikkei says
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05:42 EDTSNDKSanDisk pullback a buying opportunity, says Piper Jaffray
Piper Jaffray says SanDisk's Q4 guidance missed expectations because the company is seeing more demand than it can fully supply, which it views as a good problem to have. Piper thinks the recent pullback in shares provides a buying opportunity. It lowered its price target for SanDisk shares to $106 from $110 and reiterates an Overweight rating on the name.

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