Shares of SanDisk Corp (SNDK) tumbled after the company projected revenue below Wall Street estimates on Monday, making it TheStreet’s Move of the Day. The company took investors by surprise when it cut its fourth quarter revenue outlook. The company also forecast a lower non-GAAP gross margin for the quarter compared to its previous guidance. SanDisk cited weaker-than-expected sales for its memory chip iNAND. Competing company Micron Technology (MU) also took a fall today on the news. SanDisk is the supplier of memory chips for Apple (AAPL) iPhones. The stock ended the day as the top loser on the S&P 500, trading on nearly eight times its average volume.
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