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New Stock Coverage: Unforgettable Day for Flash Memory Maker SanDisk


Wall Street ratings agencies set the tone for today's stock market.

Today's stock du jour, flash memory maker SanDisk (NASDAQ:SNDK), is surging some 7.19% as we speak. The company is riding a mobile-device boom and just boosted its annual gross margin guidance to a range of 47% to 49%, which represents an impressive increase on both earlier analyst expectations and the tech firm's own prior assumptions.
As for yesterday's market action, Easter is almost upon us, but there appears little danger that -- unlike an iconic front page from 1929 -- Wall Street will "lay an egg." Shares rose for a third straight session, a surge that saw the S&P 500 Index (INDEXSP:.INX) turn positive again for 2014. The Geek Squad at Best Buy (NYSE:BBY) tumbled 2.12% for a second day, but Marissa Mayer, who brought geek chic to Silicon Valley, saw her Yahoo (NASDAQ:YHOO) jump 6.26% on analyst hosannas and impressive earnings. Semiconductor stock Intel (NASDAQ:INTC) ended up shrugging off a chip on both shoulders, but sandwich shops in the City of Broad Shoulders didn't fare as well. Potbelly (NASDAQ:PBPB) touched a post-IPO trough, and Cosi Inc. (NASDAQ:COSI) announced it was decamping to Boston.
This morning in economics, April's Philadelphia Fed Index is expected to show an improvement at 10:00 a.m. EDT. On the corporate front, a battery of earnings announcements include Dow (INDEXDJX:.DJI) duo DuPont (NYSE:DD) and General Electric (NYSE:GE), which each released results earlier. The bond market closes early today at 2:00 p.m., and the NYSE won't open tomorrow in observance of Good Friday.
Now let's turn to this morning's new stock coverage, a list that includes tech and timber companies in addition to SanDisk.
Benefitfocus (NASDAQ:BNFT): William Blair begins BNFT at a Market Perform.
Norwegian Cruise Line (NASDAQ:NCLH): Initiated with a Buy at Longbow. Its price target is $38.
Plum Creek Timber (NYSE:PCL): Shares are picked up with an Outperform at RBC Capital, whose price objective is $47. An improvement in Southern US log prices is seen as a share-price catalyst.
SanDisk: Piper Jaffray picks the surging stock up at an upbeat Overweight. Its target price is $85.
TriQuint Semiconductor (NASDAQ:TQNT): The equity is initiated at Perform by BMO Capital, whose objective is $14.

Also see:

Stock Upgrades: Can Netflix, Its Development Recently Arrested, Stop Falling Like a House of Cards?

Stock Downgrades:
Ryder Reaches End of the Road
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No positions in stocks mentioned.
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