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SanDisk(SNDK - Get Report) develops and manufactures data storage solutions in a range of form factors using its flash memory, controller and firmware technologies. This stock is trading up 14% at $40.01 in recent trading.
Today's Volume: 15.3 million
Average Volume: 6.1 million
Volume % Change: 390%
Shares of SNDK are soaring after the company reported non-GAAP earnings of $51 million, or 21 cents per share, on $1.03 billion of revenue for the second quarter, versus Wall Street estimates of 18 cents per share and $1.02 billion in revenue.
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From a technical perspective, SNDK is gapping up huge here with monster volume, and this move has pushed the stock into near-term breakout territory since it's cleared some overhead resistance at $37.39 to $37.64.
Traders should now look to play the next major breakout for SNDK. That trade will trigger once SNDK takes out today's high of $40.45 and then some more overhead resistance at $42 with high volume. Traders should look for long-biased trades once SNDK sustains a move or close above those levels with volume that's near or above 6.1 million shares. If we get that action soon, then SNDK will have a great chance of re-testing or possibly taking out its 200-day moving average or $44.19. Any move over its 200-day will bring a previous gap-down from over $50 into play.
As of the most recently reported period, SNDK was one of
David Tepper's Appaloosa Management portfolio.