Toshiba blew up this morning -- there wasn't a lot of new information there. HD-DVD is a failure and NAND pricing remains a drag on profits. As Sandisk is Toshiba's NAND fab partner, I might as well reiterate my dislike of the shares.
The good news is their product costs are declining. The bad news is retail pricing for cards continues to deteriorate. The cell phone market is seeing incremental weakness (TXN and ERIC, for example) which will further pressure the add-in and OEM card market.
I remain negative on Sandisk and the semicaps levered to memory such as KLAC, LRCX, MTSN and VSEA.
Wednesday, March 19, 2008
Sandisk continues to languish
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