Wall Street Manna
An irreverent look at Wall Street
Wednesday, April 21, 2010
Sandisk beats estimates
In late October of 2008, Sandisk's Chairman Eli Harari was put on Cramer's Wall of Shame, when the stoock was a hatsize. A few weeks later it was trading with a six handle.
He turned down a buyout price of $26 a share.
Now the stock is almost $40.
Remember Sandisk's last earnings? When this number was sold on the conference call, only to bounce big afterwards? You
had the story here
Today the stock is trading up to 40 after it's conference call, as Eli, for once, is waxing bullishly.
I think for traders, at 40, Sandisk is a sell on the news, just as the last earning was a buy on the dip afterwards, this is is a sell on the ramp.
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