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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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March 26, 2015
17:08 EDTSNDKSanDisk downgraded to Hold from Buy at Evercore ISI
Evercore downgraded SanDisk to Hold and lowered its price target on the company to $68 after SanDisk's second negative pre-announcement of the quarter. SanDisk was also downgraded earlier today by Goldman Sachs, BofA/Merrill, and BTIG.
16:20 EDTSNDKOn The Fly: Closing Wrap
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14:53 EDTSNDKSanDisk still has risk following another pre-announcment, says Nomura
Nomura still sees risk to SanDisk's valuation following another pre-announcement. The firm sees share pressure from a number of different ways and believes shares could trade down to the $55-$60 price target. Shares are rated Reduce by the firm.
14:17 EDTSNDKSanDisk downgraded to Buy from Conviction Buy at Goldman
Goldman Sachs downgraded SanDisk to Buy citing poor execution after the company cut its revenue outlook.
12:27 EDTSNDKOn The Fly: Midday Wrap
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11:57 EDTSNDKSanDisk weakness likely company specific, says Piper Jaffray
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10:34 EDTSNDKSanDisk downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill downgraded SanDisk to Neutral with a $85 price target due to the unexpected guidance cut.
10:04 EDTSNDKOn The Fly: Analyst Downgrade Summary
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09:49 EDTSNDKSanDisk tumbles after cutting outlook, bearish pattern active, levels to watch
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09:23 EDTSNDKOn The Fly: Pre-market Movers
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08:43 EDTSNDKSanDisk downgraded to Neutral from Buy at BTIG
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08:26 EDTSNDKSemi stocks less likely to rebound now than in 4Q14, says Goldman
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08:06 EDTSNDKSanDisk volatility elevated into lower forecast
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07:15 EDTSNDKNetlist comments on jury verdict from Northern District Court of California
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07:00 EDTSNDKSanDisk drops 14% after cutting Q1, 2015 revenue outlook
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05:43 EDTSNDKSanDisk lowers Q1 revenue guidance to $1.3B from $1.4B-$1.45B, consensus $1.44B
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March 19, 2015
08:18 EDTSNDKSanDisk to benefit from 3D NAND, says Morgan Stanley
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March 17, 2015
10:26 EDTSNDKOptions with increasing implied volatility
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08:07 EDTSNDKNetlist announces positive ruling in patent battles in ULLtraDIMM case
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05:53 EDTSNDKStocks with implied volatility movement; WLL SNDK
Stocks with implied volatility movement; Whiting Petroleum (WLL) 86, SanDisk (SNDK) 36 according to iVolatility.
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