SanDisk Loss Leads Semiconductors Down

July 23, 2008 (FinancialWire) SanDisk (NASDAQ: SNDK) (Current Market Cap: $3US.06 Bil.) shares plunged 24% due to a surprising second quarter loss that drove down values for related semiconductor makers including Intel (NASDAQ: INTC), Juniper (NASDAQ: JNPR) and Applied Materials (NASDAQ: AMAT). In its quarterly earnings report Monday, SanDisk also announced plans to delay investments in new chip factories to combat the oversupply of NAND flash chips that has pressured prices. The Milpitas, California maker of flash memory chips said sales in the three months ended June 29 totaled $816 million, significantly below the average analyst expectation of $906 million. Shares of SanDisk dropped 24% Tuesday to close at $4.31, while Juniper dropped 5% to $22.36 and Applied Materials fell 2% to $17.39. FinancialWire is a fully independent, proprietary news wire service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation from any company for its news or opinions. All FinancialWire news is available at http://www.financialwire.net . The FinancialWire NewsFeed is available in multiple formats at http://www.investrend.com/XmlFeeds?level=268 . Please address any inquiries to feedback@financialwire.net . Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .