Cisco Delivers Strong Earnings, SanDisk Gets Hammered Despite Crushing Estimates

Cisco Systems has delivered solid earnings despite recent volatility in the tech sector. The networking giant is scheduled to report its quarterly results after August 12, and investors are expecting a strong performance from the company. However, the stock's chart suggests that it may be due for a correction.

SanDisk, on the other hand, has been hit hard despite crushing earnings estimates by 12%. The company's revenue came in about 6% stronger than expected, but its forward guidance was tepid. SanDisk has been a poster child for the tech rally, gaining 2,950% over the past 12 months, although it has declined 43% over the past six weeks.

Citigroup and Jeffries both maintained their buy ratings on SanDisk, but cut their price targets significantly. Citigroup lowered its target from $2,500 to $2,100, while Jeffries dropped its target from $3,000 to $1,750.