SanDisk Tanks below $9 a Share (SNDK)
Source: http://thestockmasters.com/SanDisk-SNDK-020309.htmlPosted on Tuesday, February 3rd, 2009 | In Market Commentary
SanDisk Corp. (NASDAQ:SNDK) shares have lost 22% already today after missing estimates and worse yet, announcing they ‘may sell more stock’ as their cash supply dries up. Well hold, up, I”ll buy that for a Dollar!
SanDisk is the largest maker of memory cards for digital cameras (give it a few days, they could lose that title). Chief Financial Officer Judy Bruner predicted first-quarter sales of $475 million to $575 million, compared with an estimate of $631.9 million in a Bloomberg survey of analysts. After posting a $1.86 billion loss last quarter, SanDisk said it may try to raise as much as $500 million in the share sale.
Just wait for the downgrades to come in, today Caris & Co. dropped their target price to $8:
| 03-Feb-09 | Downgrade | Caris & Company | Average → Below Average | $12 → $8 |
Wait for the dust to settle on SanDisk Masters before you think about buying, here’s another great quote:
“They must be desperate to be raising capital in this market,” said Daniel Amir, an analyst at Lazard Capital Markets in San Francisco. He has a hold rating on the stock, which he doesn’t own. “Business is clearly getting worse.” On that note…
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bloomberg, Caris & Co, Daniel Amir;, Digital Cameras, Judy Bruner;, Lazard Capital Markets;, Market Commentary, San Francisco, SanDisk Corp., USD
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