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SMF Notes End of Day Summary: November Ends in Red
During the call, SNDK's COO says the smartphone is the largest growth driver for the company. The rapid growth of the smartphone has led to large total unit growth and additionally memory capacity. The co notes tablet computing as another strong driver for flash memory. SSD is an emerging mkt as well with instant-on as a key quality... 49% of SNDK's revenue is from products sold in the mobile mkt... The company is seeing middle mkts in China and India using increasing amounts of flash... SNDK says its OEM business is driven by its ability to deliver memory is large quantities and high quality... In regards to elasticity, the co says imaging cards are less elastic, while tablets and notebook flash memory use is more elastic.
For the second straight session the stock market was down sharply before it slashed losses. This time, though, stocks failed to finish near their highs for the day... Continued concern that the financial troubles of less fiscally responsible countries in the eurozone periphery could spill into the broader global financial system caused yield spreads on the debt of Spain , Portugal , and their ilk to widen. To little surprise, analysts at S&P announced late that they have put Portugal 's ratings on Credit Watch with Negative implications... In order to trim risk market participants dumped stocks in favor of traditional safe havens like the dollar and U.S. Treasuries. The dollar settled with a 0.6% gain against competing currencies, but Treasuries ultimately surrendered most of their gains... The early push against stocks sent the S&P 500 down more than 1%. Prior session lows were probed near the 1174 line, but support at that point held so as to provide stocks with a floor for a rebound... Losses were cut further following the latest Consumer Confidence Index, which improved in November to a five-month high of 54.1 from 49.9 in October. The Index had been widely expected to improve to a more moderate 52.0... Stocks set their highs for the day after President Obama expressed that the White House is currently involved in efforts to extend unemployment benefits. Efforts to extend the Bush tax cuts are also broadly believed to be underway... Still, the S&P 500 never did manage to push into positive territory. That failure invited some late selling... Tech stocks had the most adverse impact on trade. The sector, which is the largest by market weight, suffered the worst loss of any sector with a 1.4% drop. Weakness in the tech space proved especially damaging to the Nasdaq, which trailed its counterparts for the entire day... Tech was also one of the poorest performing sectors of November. For the month it fell 1.8%, which was enough to drag down the broad-based S&P 500 to a 0.2% loss for November after it had set a two-year high earlier in the month... Telecom was the only major sector to muster a gain. It advanced just 0.1%. It still logged a 1.4% monthly loss... Worth mention, though, is that the materials sector completely erased an early loss of more than 1% to finish flat today. That was helped by precious metals plays after gold prices finished pit trade up 1.3% at $1386.10 per ounce and silver settled gained 3.2% higher at $28.21 per ounce. Materials stocks collectively gained 0.9% in November... End-of-the-month trade brought about an increase in trading volume, such that more than 1.5 billion shares were traded on the NYSE today. That makes for the biggest one-day total in two months. Dow -0.4%, Nasdaq -1.1%, S&P 500 -0.6%, Nasdaq 100 -1.3%, S&P 400 -0.6%, Russell 2000 -0.7%
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