2. SanDisk SNDK is currently the second-most active name trading on the Nasdaq Composite today, and it's the largest loser on a percentage basis on the technology-centered exchange. Last night, SNDK offered up third-quarter earnings of 29 cents per share, more than triple year-ago results. Revenue surged 45 percent to $408 million. Now for the bad news. Analysts had expected earnings of 34 cents per share on revenue of $456.2 million. SNDK officials say they weren't able to match analysts' expectations due to higher industry supply of the flash memory in which SNDK specializes.
SNDK has lost more than one quarter of its value today. On the up side, the stock is closing in on potential double-bottom support from its early-July lows near the 19 level.
The options pits are bustling with activity on SNDK today. Most notably is the now-out-of-the-money October 22.5 call, where more than 13,000 contracts have traded hands on this option that was previously only home to just under 5,000 contracts. While common knowledge would dictate that much of today's volume stands poised to translate into new positions tomorrow, the situation is complicated by the fact that October options expire at Friday's close. The October 27.50 put has seen almost 10,000 contracts cross the tape, but much of this is probably profit-taking activity.
Prior to today's wacky action, SOIR for SNDK stood at 0.55, a new annual low. In dating going back to the first quarter of 2000, Schaeffer's Sentiment PowerTools (http://www.schaeffersresearch.com/powertoolsobs) reveals that SNDK is prone to considerable underperformance after it notches SOIR readings between 0.50 and 0.60.
Click the following link to see the Weekly Chart of SNDK Since October 2003 With 10-Week and 20-Week Moving Averages: http://www.schaeffersresearch.com/wire?ID=11440 .
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