SanDisk Shares Lead S&P 500 With an 18 Percent Gain on Earnings Beat

Shares of SanDisk (SNDK) topped the S&P 500 on Thursday with a gain of 17.6%, on the heels of better than expected second quarter earnings.

Author:: Scott Gamm
Publish date:: Jul 23, 2015 4:57 PM EDT

Shares of SanDisk (SNDK) topped the S&P 500 on Thursday with a gain of 17.6%, on the heels of better than expected second quarter earnings, released Wednesday. The stocks was TheStreet's Move of the Day. Earnings per share came in at $0.66, crushing estimates of $0.33. Revenue dipped 24 percent year-over-year to $1.24 billion. That's slightly ahead of the $1.2 billion analysts expected. 'During the second quarter, we strengthened our portfolio with several new product launches in both the retail and commercial channels,' said Sanjay Mehrotra, president and chief executive officer of SanDisk. 'We are making steady progress on all operational fronts, and remain focused on enhancing our financial performance.' SanDisk also announced a third quarter 2015 dividend to the tune of $0.30 a share. TheStreet's Scott Gamm reports from New York.