SanDisk, Micron Power Tech Stock Rally
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SanDisk (NASDAQ: SNDK) sent tech stocks higher on Monday after the flash memory maker raised its revenue outlook.
SanDisk said its current quarter sales will be between $925 million and $1 billion; the Thomson Reuters consensus estimate for the company is $937 million.
SanDisk ended the day 12 percent higher, while Micron (NYSE: MU) added 8 percent on the news and AMD (NYSE: AMD) climbed nearly 4 percent. The Nasdaq led major stock indexes with a 1.6 percent gain.
Also boosting the chip sector was a bullish report from the Semiconductor Industry Association, which reported a 47 percent year-over-year jump in sales for the industry in January.
Amazon (NASDAQ: AMZN), Seagate (NASDAQ: STX), eBay (NASDAQ: EBAY), Yahoo (NASDAQ: YHOO) and Apple (NASDAQ: AAPL) were other strong names, while Qualcomm (NASDAQ: QCOM), Palm (NASDAQ: PALM) and Brocade (NASDAQ: BRCD) shares sagged.
Amazon benefited from reports that a new Freescale chip could lower its Kindle prices, while Brocade and Palm continued to fall in the wake of disappointing earnings reports.
Shanda Games (NASDAQ: GAME) plunged 17 percent on its lowered sales outlook.