Friday, June 29, 2012

SanDisk shares volatile in after-hours trading

LOS ANGELES (MarketWatch) � Shares of SanDisk Corp. were volatile Friday evening following dayside losses stemming from weaker-than-expected financial figures from the memory chip maker.

Late-traded SanDisk SNDK �shares swung between gains and losses, most recently trading up 0.3% after a decline of more than 3%.

The shares finished the regular session down 11% at $35.91, the worst performers on the S&P 500 Index SPX �, after the company late Thursday issued a disappointing second-quarter revenue view of $950 million to $1.05 billion. At the time, the consensus estimate produced by a FactSet Research survey of analysts was $1.29 billion.

SanDisk�s first-quarter adjusted earnings of 63 cents fell short of expectations of 69 cents a share. SanDisk said in a statement that its results were hurt by lower-than-expected pricing and demand weakness in certain segments. Read about SanDisk's results.

The shares finished the week down 13%, deepening their year-to-date loss to 27%.

Apple shares AAPL were up 72 cents, or 0.1%, at $573.25 in late trading. They closed the day session down 2.5%, putting them into correction mode as they�ve fallen 11% from their record high. The stock logged a 5.3% loss for the week. More about the drop in Apple's shares in The Tell blog.

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Apple is slated to release quarterly earnings on Tuesday. Read preview of Apple's results.

On the broader market during the day, U.S. stocks mostly rebounded from two straight sessions of declines, with sentiment raised by better-than-expected corporate results, including from software heavyweight Microsoft Corp. MSFT �.

Microsoft�s late-traded shares were up 0.2% at $32.47, slightly adding to their regular session climb of 4.6%. See more about Friday's gains in U.S. stocks.

The Dow Jones Industrial Average DJIA closed up 65 points, or 0.5%, at 13,029.26. The S&P 500 Index SPX �rose 0.1% to end at 1,378.53. But the Nasdaq Composite Index COMP �gave up earlier gains, closing 0.2% lower at 3,000.45.

For the week, the Dow industrials rose 1.4% and the S&P 500 Index advanced 0.6%. The Nasdaq shed 0.2%.

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