On July 14, Sandisk declined 3.02% overnight, trading at $1,623.45 per share, with turnover of $406 million. The stock had already plunged over 10% in the prior regular session and dropped another 3.4% in after-hours trading, with the current decline extending the sell-off.
On the news front, persistent concerns over the storage super cycle peaking continued to dominate market sentiment. SK Hynix tumbled over 10% after brokers forecast its Q2 profit below expectations, dragging the broader storage sector lower. Simultaneously, escalating US-Iran tensions in the Gulf region pushed oil prices higher, pressuring risk assets across the board.
Despite Goldman Sachs raising Sandisk's target price to $2,200 and Evercore ISI lifting its target to $3,100, bull-bear divergence has intensified significantly. On the capital flow side, Goldman Sachs tracking reports show hedge funds have been net sellers of the IT sector for four consecutive weeks. Options markets recorded a $3.229 million deep out-of-the-money put trade, signaling institutional vigilance toward medium-term downside risks.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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