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SanDisk shares jump as results beat estimates

SAN FRANCISCO (MarketWatch) -- Shares of SanDisk Corp. jumped more than 14% to $40 on Friday morning, after the maker of flash memory chip products reported better-than-expected results for the second quarter, despite a sharp drop in earnings for the period. The company also issued an in-line forecast for the current quarter. The stock had plunged by 30% since it issued a warning on its first-quarter results on April 3. "We believe these results and guidance confirm our view that the NAND cycle has bottomed in Q2," wrote Mark Newman of Bernstein Research in a note to clients, maintaining an outperform rating and $60 price targets on the shares.