Sandisk (SNDK) is under fire this morning after lowering its revenue guidance due to weaker pricing and slower demand. Shares are down $4.45 to $45.60 on heavy volume of 13 million shares and trading in the options market is busy as well. 56,000 calls and 24,000 puts traded on the chipmaker so far. The top trade is 9885 May 55 calls at 20 cents on the ISE. Data from the exchange is reporting an opening seller for a customer account. 10,966 contracts now traded. The next largest trade is an 8266-lot of Jan 50 calls for $4.60 on BOX when the market was $4.45 to $4.60. Volume in the Jan 50 calls is now 10,130 contracts. Apr 46 and 50 calls are the next most actives and levels of implied volatility in SNDK options moved up 4.5 percent to 46.5.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.