SanDisk Corp Delivers On Bad News Previously Announced

'' SanDisk Corp

shares are trading lower by $3.24 at $67.88 in Thursday's session. The catalyst for the decline was weaker-than-expected Q1 EPS and a forecast for lower Q2. The miss should not come as complete surprise to the Street as the company warned of the upcoming shortfall on March 26. On that day it cascaded from its March 25 close ($81.18) all the way to $66.20. Four days later it bottomed at $63 and drifted back to $71.50 by Wednesday's close (its highest level since guidance was lowered), When the bad news was actually delivered the issue fell to $64.28 in premarket before recovering to $65.50 by the opening of the regular session. Off the open, it found support at $65.30 and has managed to claw its way back the $68 level and is attempting to clear that level. It should be noted today's decline is taking place on much higher than average volume. So far, it has traded nearly 18M shares vs. its 20 day average of 7.3 shares. It has been a rough year for SanDisk as it began the year at $97.98 and traded within $2 of its all time ($108.77) in December of last year peaking at $106.64 before embarking on its spiral lower.