SanDisk (SNDK) NewsBite - SNDK Downgraded By Wedbush Morgan

Posted: Tuesday, November 03, 2009 1:35 PM EDT

SanDisk (SNDK) was downgraded today by analysts at Wedbush Morgan and the stock is now at $20.29, down $0.57 (-2.73%) on volume of 7,351,431 shares traded. The brokerage downgraded SNDK to Underperform from Neutral. Over the last 52 weeks the stock has ranged from a low of $5.07 to a high of $24.61. SanDisk stock has been showing support around $19.85 and resistance in the $21.87 range. Technical indicators for the stock are neutral and S&P gives SNDK a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on SNDK the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 23 range. [ABR-Seven Summits Strategic Investments NewsBite]

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