Jul 31, 2013

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Morning Movers: SanDisk Corp. (NASDAQ:SNDK) and CommVault (NASDAQ:CVLT)

Morning Movers: SanDisk Corp. (NASDAQ:SNDK) and CommVault (NASDAQ:CVLT)

Shares of SanDisk Corp. (NASDAQ:SNDK) declined 2.3%, to $54.14, after the maker of flash memory products was lowered to neutral by Goldman Sachs.

In a memo to clients, expert James Schneider mentioned his belief that higher NAND supply might be seen in the coming few quarters than we formerly predicted, which could drive important near-term price declines.

He also stated that SanDisk’s shares were correlated to gross margins, and they think gross margins were possibly to peak in 2013, given price compression and lesser cost lowering in this timeframe. He also mentioned that the stock, which was higher 27% since the start of the year, is within 14% of his $65 price target, shedding “limited upside” for the shares

CommVault (NASDAQ:CVLT) shares climbed up above 10%, to $85.74 on Tuesday morning, following the manufacturer of enterprise data storage technology declared results for its initial fiscal quarter that topped Wall Street’s targets.

The shares were higher almost 23% since the start of the year and could make a new closing high, in contrast to the former record of $84.20 on March 14.

Ahead of the opening bell, the firm declared $134.4 million in revenues and revised earnings of 40 cents per share.

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