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SanDisk Corporation

5/25/2013, 12:22 PM ET

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Monday, May 20, 1:07 PM Nomura downgrades SanDisk (SNDK -2.3%) to hold on valuation grounds, leading shares to take a breather following a 38% YTD gain. Though granting SanDisk is benefiting from "disciplined" NAND flash supply growth and improving product mix, Nomura still sees potential risks, such as capacity additions from rivals, high capex due to technology transitions, and the potential for Samsung (SSNLF.PK) to gain an edge down the line from its lead in developing 3D NAND chips. 1 Comment [Tech, On the Move]
Thursday, May 2, 12:46 PM Micron (MU -0.2%) is down slightly on an up day for tech after receiving a downgrade to Underperform by CLSA. The downgrade comes as Micron advances its enterprise ambitions by announcing a new PCI-Express flash module for servers and storage gear - like SanDisk (SNDK), Micron is counting on its ability to obtain NAND flash at cost to help stand out in a crowded market featuring Fusion-io (FIO), STEC, Intel, and Marvell, among others. Yesterday, Morgan Stanley reiterated an Overweight on Micron and SanDisk, arguing investment plans and equipment order activity indicate NAND capacity will remain tight in 2013. 4 Comments [Tech]
Wednesday, April 24, 12:28 PM Are wireless chip stocks decoupling from Apple? Even with Apple off slightly as bleak June quarter guidance outweighs fresh capital returns, iPhone/iPad combo chip supplier Broadcom (BRCM +6.6%) is surging thanks to a Q1 beat and strong Q2 guidance, and is helping out some peers - QCOM +1.4%, SWKS +2.6%, INVN +1.8%, SNDK +1%. During its earnings call, Broadcom, which also provides combo chips for many Samsung phones, stated mobile chip sales only fell 1.6% Q/Q in seasonally weak Q1, and forecast sequential growth for the business (Apple-dependent Cirrus Logic sure isn't doing the same). Qualcomm reports after the close. 4 Comments [Tech, Earnings, On the Move]
Wednesday, April 17, 5:52 PM More from SanDisk's call: Retail sales +34% Y/Y in Q1 and now 38% of revenue - SanDisk cites share gains and strong demand for memory cards for smartphone use. Commercial sales only +1%, as strong SSD and embedded mobile sales (iNAND) were offset by weaker sales of bundled cards to OEMs. ASPs +2% Q/Q, with higher NAND prices and a greater mix of SSD sales partly offset by retail price declines. SanDisk's average retail card capacity stands at 11GB, whereas average OEM card capacity is only at 6GB. $90M in Q1 buybacks at an avg. price of $50.97. Comment! [Tech, Earnings]
Wednesday, April 17, 5:45 PM After-hours top gainers, as of 5:15 p.m.: CONE +9%. SLCA +4%. MXIM +4%. LNC +4%. MHR +3%.
After-hours top losers: SCSS -7%. CCK -4%. SNDK -3%. NAVB -3%. EBAY -2%. Comment! [On the Move]
Wednesday, April 17, 5:37 PM SanDisk (SNDK) guides on its Q1 call (webcast) for Q2 revenue of $1.35B-$1.4B and 2013 revenue of $5.6B-$5.75B, largely above a consensus of $1.34B and $5.63B. Gross margin is expected to rise to 41%-43% in Q2, and 2013 gross margin guidance is now at 42%-44% (a 200 bps guidance hike). Q2 GM will benefit from higher prices and a weak yen, partly offset by lower royalties. SanDisk still forecasts 30%-40% NAND industry bit growth in 2013, and expects its own growth to be much lower, as it refrains from major capacity expansion. Shares now -0.6% AH. MU -0.4%. (previous) Comment! [Tech, Earnings, On the Move]
Wednesday, April 17, 4:46 PM SanDisk (SNDK) now -5.8% AH and Micron (MU) -1.5% following SanDisk's Q1 beat. Expectations were high following SanDisk's 2013 run-up. Also, given strong NAND flash pricing, the Street may have been looking for a bigger gross margin improvement - GM rose 60 bps Q/Q and 460 bps Y/Y to 40.5%. SanDisk says SSD products accounted for 20% of sales. R&D spending rose 21% Y/Y, as the company ramps investments in proprietary SSD and embedded mobile offerings. CC at 5PM ET (webcast), guidance should be provided. (PR) 1 Comment [Tech, On the Move, Earnings]
Wednesday, April 17, 4:11 PM SanDisk (SNDK): Q1 EPS of $0.84 beats by $0.05. Revenue of $1.34B beats by $0.04B. Shares -5.9% AH. (PR) 6 Comments [Earnings, Breaking News, Tech, On the Move]
Wednesday, April 17, 2:23 PM Though Micron (MU -4.4%) and SanDisk (SNDK -4.2%) have joined a general rout in chip stocks and Apple suppliers, a report from Taiwan's Commercial Times indicates DRAM and NAND flash prices continue to trek higher (previous). Contract prices for mainstay 4GB DDR3 PC DRAM modules are said to have risen 8%-10% in early April, and contract prices for 32Gb (4GB) MLC NAND chips reportedly rose 5%-12%. Samsung (SSNLF.PK) is another beneficiary of this trend. SanDisk reports after the close. (Samsung's purchases) 1 Comment [Tech, On the Move]
Wednesday, April 17, 12:10 AM Notable earnings after Wednesday’s close: ALB, AXP, CCK, CLB, CVA, CYS, EBAY, EPB, KMP, NE, SCSS, SLM, SNDK, STLD Comment! [Earnings, Breaking News]
Tuesday, April 16, 5:35 PM Notable earnings after Wednesday’s close: ALB, AXP, CCK, CLB, CVA, CYS, EBAY, EPB, KMP, NE, SCSS, SLM, SNDK, STLD Comment! [Earnings]
Friday, April 12, 12:54 PM Though Samsung (SSNLF.PK) is the world's biggest memory maker and a top LCD maker, the growing needs of its phone/tablet ops are forcing it to turn to 3rd-party suppliers. Digitimes reports Samsung has stepped up its purchases of mobile DRAM chips from Elpida and NAND flash products from Toshiba, and that the electronics giant is also buying 5.8" LCD panels from Taiwanese suppliers for its phablets. The implications for memory/LCD demand and pricing are a positive for rivals MU, SNDK, AUO, and LPL, and perhaps also glassmaker GLW and NAND controller supplier SIMO. 8 Comments [Tech]
Tuesday, April 9, 5:53 PM SanDisk (SNDK) has hired Henri Richard, until now the sales/marketing chief for fellow chipmaker Freescale (FSL), to be its new enterprise/OEM sales chief. RBC praises the move, and sees it as "driven by a need to manage and grow accounts" as sales of "system solutions" (as compared with retail sales) account for a growing share of SanDisk's business. Comment! [Tech]
Monday, April 1, 11:42 AM Chip stocks underperform (SOXX -1.5%) after the SIA reports industry sales fell 8.9% M/M and 3.8% Y/Y in February. Bernstein points out the M/M drop is much worse than a 3.4% historical average. Microprocessor sales are estimated to have fallen 14% M/M, but the fact Intel (INTC -2%) and AMD (AMD -1.2%) no longer provide data to the SIA affects the reliability of that number. Memory sales (inc. DRAM and NAND) grew thanks to both higher bit shipments and prices. 1 Comment [Tech]
Friday, March 22, 10:20 AM Micron's (MU +10.5%) FQ2 beat, partly driven by 8% Q/Q NAND flash sales growth, provides a lift to SanDisk (SNDK +2%). Micron stated on its earnings call it sees "a favorable supply and demand balance" for NAND, thanks to strong SSD/mobile device demand and slowing manufacturing process shifts. Micron's trade NAND ASP was "relatively flat" in FQ2, and is estimated to be down mid-single-digits thus far in FQ3. Micron also forecasts DRAM industry capacity will fall in 2013 and 2014, and suggests it will shift some of its DRAM capacity to NAND. (previous) Comment! [Tech, On the Move, Earnings]
Monday, March 18, 10:06 AM Susquehanna thinks it's time to take profits on Micron (MU -2.5%), cutting the memory maker to Negative following a 70%+ rally. The firm thinks DRAM fundamentals are peaking following major price increases, and expects blended ASPs to start dropping next month. The downgrade comes shortly after RBC argued SanDisk (SNDK -1%) is a better near-term play than Micron (while calling Micron better long-term), citing a favorable supply/demand balance for NAND flash (thanks partly to Samsung phone demand) and Micron's "execution risks." 2 Comments [Tech, On the Move, Quick Ideas]

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