Sandisk (SNDK) news that moved the stock

What happened

Fox Advisors downgraded Sandisk (SNDK) from Overweight to Equal Weight on Monday, November 2, sending the stock down 6.6% to $1,075.08 (as low as $1,067.40 intraday). The downgrade landed alongside a cluster of target cuts: RBC lowered its price target to $1,400 from $1,600 (Sector Perform), and Wells Fargo cut its target to $1,300 from $1,550 with an Equal Weight rating late last week. It also comes amid a broader memory-stock selloff after Kioxia's cautious outlook raised fears the flash-memory price surge could fade. Bulls still hold sway: Mizuho raised its target to $2,050, Evercore has a $3,100 Outperform target, and the consensus remains Moderate Buy with a ~$2,056 average target.

What happened

After Thursday's market close, a second wave of major companies reported Q3 results. Sandisk (SNDK) posted a record quarter with revenue of about $11 billion (above its $10.3B-$10.8B guidance range) and net income of $8.1 billion, up dramatically from $112 million a year earlier, and announced an eight-for-one stock split; the stock nonetheless wobbled after hours as elevated expectations limited the reaction. Coinbase (COIN) reported a surprise $2.51-per-share profit on $1.22 billion in revenue versus analyst expectations of a 23-cent loss — but nearly all of the $719 million net profit was a $715 million unrealized gain on crypto held for investment, with adjusted net income of only $77.7 million (down from $420.7 million a year earlier); shares fell roughly 2-3% after hours. Starbucks (SBUX) reported higher same-store sales as its U.S. turnaround showed progress, but overall revenue fell and missed expectations, pressured by changes in its China business; shares dropped nearly 2% after hours. Mondelez (MDLZ) recorded higher revenue and profit fueled by growth outside its core North America and Europe businesses, and the stock rose after hours. Gilead (GILD) lifted its full-year sales guidance after strong sales from its HIV portfolio, and shares gained about 2.6% after hours. (Sandisk's report was released during Thursday's after-close session but was first picked up in this sweep after falling between prior hourly windows.)

What happened

Seagate Technology reported record fiscal first-quarter results after Tuesday's close, but shares fell 5.7% to $630 in after-hours trading after rising 3.7% in the regular session. Adjusted earnings were $7.68 per share, up from $2.61 a year ago and above Wall Street's $7.45 consensus, while revenue rose 61% year over year to $4.23 billion, beating the $4.15 billion consensus. Guidance also topped estimates: Seagate expects second-quarter adjusted earnings of $9.20 per share (plus or minus 20 cents) on revenue of about $4.8 billion, versus consensus of $8.66 per share and $4.5 billion. Capital spending of $211 million was within the company's 4-6% of revenue target range but above the $202 million analysts expected.

What happened

South Korean AI cloud and data-center company Elice plunged 32% on its Seoul trading debut Tuesday — the worst debut for a sizable company in years — reigniting doubts about the sustainability of the AI spending boom. The KOSPI fell 3.7% to close at its lowest level in more than six months, with memory giants SK Hynix and Samsung leading the decline. The weakness crossed into U.S. trading: Nasdaq 100 futures were down 0.4% (S&P 500 futures flat, Dow futures up 0.2%), and chip stocks including Micron, Marvell, and SanDisk each fell more than 2% in U.S. premarket trading. Separately, WTI crude jumped more than 3% and Brent topped $111 a barrel — up 13% in October — on lingering Middle East supply risks.

What happened

South Korea's KOSPI plunged about 3.5% to ~5,563 at Tuesday's open, extending semiconductor losses and trimming its 2026 gains to around 31%, down sharply from nearly 116% at its record closing high in June. Memory chipmaker SK Hynix fell 4.07% and Samsung Electronics shed 1.03%. The Nikkei 225 declined ~1.2% (SoftBank -4.46%, Tokyo Electron -1.45%, Renesas -1.49%), the Hang Seng fell ~0.9%, and Euro Stoxx 50 futures pointed ~0.7% lower. U.S. futures were calm: S&P 500 futures up ~0.2% near 7,746, Nasdaq 100 futures flat near 29,730.

What happened

ASML reported third-quarter net profit of 4.96 billion euros ($5.55 billion), more than double the 2.92 billion euros a year earlier and well above the ~4.2 billion euro consensus, on record net sales of 11.66 billion euros. Sales came in slightly below the ~11.72 billion euro consensus, but gross margin of 57.5% beat guidance. ASML raised its full-year sales outlook for a third time in 2026, to 44-45 billion euros from 43-45 billion, and guided Q4 sales of 14.2-15.2 billion euros, above expectations. CEO Christophe Fouquet said customers keep raising short- and medium-term equipment demand forecasts on AI investment, with some expressing interest in orders for 2029 and even 2030, and that planned supply for 2027 and 2028 will not fully meet customer demand.

What happened

South Korea's KOSPI crashed more than 6% in intraday trading on Tuesday, Oct 13, breaking below the 6,000 level (5,996.16 at 10:40 a.m. KST, -6.08%), after opening 3.1% lower. The selloff triggered a sell sidecar at 9:47:58 a.m. KST — a five-minute suspension of program sell orders after KOSPI 200 futures fell 5.08% — the first on the main board in about two months. Samsung Electronics fell 6.79% to 233,500 won and SK Hynix tumbled 8.54% to 1.468 million won; foreign investors net sold 1.81 trillion won on the main board, with retail and domestic institutions absorbing the flow. The KOSPI is now down 10.1% over five sessions, its fifth straight decline. The catalyst is China's ChangXin Memory Technologies (CXMT): over the weekend it announced progress on a denser 4F² DRAM design (TrendForce estimates 30-50% density improvement) and plans to mass-produce next-generation server DRAM within the year, raising fears of expanded global memory supply. US chips sold off overnight ahead of it: the Philadelphia Semiconductor Index fell 2.67%, Micron fell 3.9% and Sandisk 6.0%.

What happened

Samsung Electronics projected a 783% jump in third-quarter operating profit from a year earlier, beating analysts' estimates, as booming demand for artificial-intelligence chips drove strong memory earnings. The world's largest memory chipmaker estimated an operating profit of 107.4 trillion won ($80.17 billion) for the July-September period, compared with an LSEG SmartEstimate of 106.1 trillion won, according to a regulatory filing. Third-quarter revenue is expected to rise 127% to 195 trillion won from a year earlier. The company said prices have soared due to tight supply of conventional DRAM and NAND chips as well as growing demand for high-bandwidth memory (HBM), and that the supply gap is expected to persist into 2027. Samsung will release detailed results, including a division breakdown, later this month.

What happened

The US Treasury selloff deepened on Monday, Sept. 28, pushing yields to fresh multiyear highs. Per WSJ/Dow Jones Newswires, the 10-year yield settled at 5.241% (a 19-year high; intraday high of 5.272%, near a 24-year record) and the 30-year touched 5.561%, a 24-year high. The S&P 500 fell 0.77% to 7,683.69, the Dow dropped 347.1 points (0.67%) to 51,481.51, and the Nasdaq fell 0.92% to 26,820.38. Brent crude closed at $105.28 (+0.9%) after an intraday 3% spike, and money markets priced a 70% probability of a 25bp Fed rate hike in October (vs. 58% a week earlier per CME FedWatch).