WDC/Sandisk Corporation Message Board

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Technology Stocks : WDC/Sandisk Corporation

WDC 181.08

+3.5%

Dec 19 9:30 AM EST

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To: Sam who wrote (35380)	2/22/2007 7:38:58 AM
From: 2MAR$	Read Replies (3) of 60323

SanDisk ($39) downgraded to Hold at WR Hambrecht (39.85 ) : WR Hambrecht downgrades SNDK to Hold from Buy saying in recent days they have learned that a crack in the IP story has occurred, as Samsung has found a way to significantly reduce its royalty payments to SanDisk on its finished S.D cards that it is currently shipping. The firm says their analysis is that this step by Samsung is to put at risk ~15% of SanDisk royalty revs as early as Q2:07, as Samsung is no longer willing to pay the 8% royalty rate to SanDisk on N.A.N.D M.L.C S.D cards. Due to the risk in the royalty stream and the lack of pricing leverage in the next few quarters, the firm does not anticipate positive catalysts in the stock in the near future.

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