Last night, SanDisk
As one might expect, SanDisk shares took a beating on the news and fell about 10% overnight. But the market damage goes deeper than that. Even on a generally terrible market day, memory specialists fell harder than other sectors. Solid-state drive expert STEC
And it's not as if memory stocks were flying high before this sectorwide purging, in dire need of a correction. None of these stocks have kept pace with the Nasdaq 100 Index
In short, I'm sure that Mr. Market is overreacting to SanDisk's announcement here. Bundle these comments together with Micron's management forecasting a brief pause in SSD sales as the market corrects for holiday-powered oversupplies, and SanDisk looks like an opportunistic buy right now. Traders have magnified a fairly insignificant short-term issue into a monster. I'm starting a bullish CAPScall on SanDisk right here.
Going against the flow can make you rich. The market's best investors like to buy exactly when everyone else is selling. You wouldn't believe what those geniuses are buying today.
Fool contributor Anders Bylund owns shares in Micron Technology but holds no other position in any of the companies mentioned. Check out Anders' holdings and bio, or follow him on Twitter and Google+. The Motley Fool has a disclosure policy.
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