SanDisk Takes Out Support; Sitting At 5-Month Lows

Shares of SanDisk

are trading slightly lower on Thursday, a day after the stock fell sharply on lowered guidance from the flash memory maker. At last check, SNDK shares were down 0.92% to $44.11. On Wednesday after the closing bell, SanDisk lowered its Q1 revenue guidance. The company now expects revenue of $1.2 billion which compares to a previous guidance range of $1.30 billion to $1.35 billion. Volume is above the daily average on Thursday with around 6.4 million shares already trading hands compared to a 3-month daily average of 5.8 million. In the wake of the lower guidance, SNDK shares have taken out long-term support levels and are trading at a new 5-month low. The next likely support area in the name could be all the way down at $40.00. SanDisk Corporation designs, develops and manufactures data storage solutions in a range of form factors using its flash memory, controller and firmware technologies.