The S&P was falling 17.87, or 1.3%, to 1,360.66.
Shares of SanDisk rose 2.17% Monday morning to $36.69. The stock was rising after declining Friday on a first-quarter earnings miss.
SanDisk's first-quarter earnings were $114 million, or 46 cents a share, down from year-earlier earnings of $224 million, or 92 cents. Analysts' estimates called for earnings of 67 cents a share.SanDisk trades at an estimated price-to-earnings ratio for next year of 11.25 times; the average for semiconductor companies is 14.35. For comparison, Applied Materials (AMAT) has a lower forward P/E of 9.82. Fifteen of the 25 analysts who cover SanDisk rated it buy. Eight analysts gave the stock a hold rating and two rated it sell. TheStreet Ratings gives SanDisk a B grade with a buy rating and $46.74 price target. The stock has fallen 25.4% year to date.
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