- SanDisk (SNDK +0.9%) CFO Judy Bruner stated at a JPMorgan conference today (webcast) her company has bought back $100M worth of its beaten-down shares thus far in Q2.
- Bruner also forecast SanDisk will see strong sequential growth in (seasonally stronger) 2H15 following a very rough start to the year, that its 15nm NAND flash process ramp is going as planned, and that it's aiming to return to positive enterprise sales growth in 2016 - 2015 enterprise sales have been hurt by a slew of issues.
- Shares remain down 30% YTD, after having plunged both in January and March on sales warnings. They trade for 15x a 2016 EPS consensus of $4.47. $1.9B ($9/share) worth of net cash was on the balance sheet at the end of Q1.