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Technology Stocks : Semi Equipment Analysis

SOXX 303.84

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Dec 22 4:00 PM EST

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To: BWAC who wrote (40099)	9/8/2008 12:00:23 PM
From: Donald Wennerstrom	Read Replies (1) of 95622

September 8, 2008, 11:05 am SanDisk Slides; UBS Trims Ests; No Samsung Bid Just Yet Posted by Eric Savitz SanDisk (SNDK) shares are giving up some of the ground notched Friday after Samsung said it might be interested in making a bid for the NAND flash memory chip company. Perhaps adding to the pressure, UBS analyst Uche Orji this morning trimmed his EPS forecasts for the company. He expects “below seasonal holiday sales,” plus margin pressure from industry over-supply and excess inventories. Orji also notes “unfavorable consumer discretionary trends in U.S. and Europe,” as well as a lack of NAND demand catalysts until sales of sold-state drives pick up in late 2009. “Recent NAND price trends and our industry checks suggest there is little upside to NAND ASPs as holiday product builds near due to continued oversupply and downside risks to consumer spending from macro slowing,” he writes. He ups his expected loss for 2008 to 84 cents a a share from 82 cents; for 2009, he now sees a loss of 50 cents a share, up from his previous loss estimate of 34 cents. Also note that a SanDisk/Samsung deal is no slam dunk; as I noted on Friday, the combination would face a number of serious obstacles. SanDisk today is down $1.40, or 8%, to $16.24; the stock jumped $4.18 on Friday. blogs.barrons.com

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