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SanDisk Giving Bad Memories To Investors

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

SanDisk Corporation (NASDAQ: SNDK) shares were trading lower by $2.25 (3.5 percent) at $57.94 in Tuesday's session. With no relevant news out on the issue, let's examine potential reasons to explain the weakness in price.

First of all, the breakdown in shares of Micron Technology, Inc. (NASDAQ: MU) may have investors steering clear of issues that provide memory and storage products for computers.

In fact, the recent decline in SanDisk corresponds with the drubbing of Micron, when it disappointed the Street with a Q3 miss and lower guidance.

This marks the sixth day in a row SanDisk has traded lower, falling from its June 24 close ($65.09) to its current price; Along the way, it made a fresh two-year low. The current intraday low ($57.88) coincides with its September 2013 low ($57.80).

Posted-In: Premarket outlookTechnicals Intraday Update Movers Trading Ideas

 

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