Memory Lapse: Can Sandisk (SNDK), Western Digital (WDC) Earnings Reverse Memory Chip Slump?

Even as the unprecedented demand for computer memory chips continues, it may feel like share prices of many notable companies no longer match the enthusiasm for their actual products.

Shares of Sandisk (SNDK) and Western Digital (WDC), which report quarterly results in Wednesday’s postmarket session, remain well below their all-time highs. In a stark reminder for traders that volatility can cut both ways, Sandisk plunged about -45% in only 42 trading days from its highs of 2,352.49 on June 22, while Western Digital sank about-34% in 44 trading days from its own highs of 799.87 on Jun. 18.

Here are three things to watch for memory chipmakers this week.

Outlook: Analysts expect a dizzying +11,706% increase in Sandisk earnings per share, to $34.24 from last year’s figure of $0.29. Revenue expectations come in at $8.30 billion vs. $1.90 billion one year ago (+336.6%). For Western Digital, the Street is looking for EPS of $3.35 against $1.66 year-over-year (+101.8%) and revenue of $3.70B compared to $2.61B last year (+42.2%).

Wall Street Price Targets: Recent analyst activity for Sandisk has been mixed, with Susquehanna lowering its price target to $3,050 from $3,250 while keeping a Positive rating on Jul. 23. However, Wells Fargo raised its target to $1,620 from $1,250 while keeping an Equal Weight rating on Jul. 22. Western Digital has not seen as much analyst activity recently, except a July 10 Wells Fargo upgrade to Overweight from Equal Weight with a price target bump to $1,100 from $900.

Charts: Traders interested in a broader view of the memory sector could examine the Roundhill Memory ETF (DRAM). The product, which began trading in early April, now sits about -37% below its highs of 81.34. Price recently slipped below a supportive area near 46.34. This represents double-bottom lows from early- to mid-May, below which trading activity drops off sharply. Price quickly recovered after this dip, but the rally halted near a notable upside level near about 55.15, which has been a common stopping point for price both from the upside and the downside. Meanwhile, momentum remains more bearish with the Relative Strength Index trending downward and stuck below the 50-midline. The options market shows a potential expected move of about +/-5.18 (9.8%) for this Friday’s, Aug. 7 expiration. Meanwhile, the Aug. 21 expiration has a projected possible range of about +/-9.3 (17.4%), for which the lower edge lines up with the recent relative lows near 44.

Economic Events and Data, Tuesday, August 4, 2026:

• 08:30 AM: U.S. Trade Balance (Jun)
• 10:00 AM: Job Openings and Labor Turnover Survey (JOLTS)
• 10:00 AM: Factory Orders (MoM) (Jun)

Earnings Calendar:

Tuesday, August 4

• Premarket: Ball Corporation (BALL), Caterpillar Inc. (CAT), McDonald's Corporation (MCD), Pfizer Inc. (PFE), Merck & Co (MRK), BP ADR(BP), Transdigm (TDG), WW Grainger (GWW), Spotify Tech (SPOT), Cummins (CMI), Archer-Daniels-Midland Company (ADM), Kimberly-Clark Corporation (KMB)
• Postmarket: Advanced Micro Devices, Inc. (AMD), SpaceX Corporation (SPCX), Booking Holdings Inc. (BKNG), Arista Networks, Inc. (ANET), Pinterest, Inc. (PINS), Amgen Inc. (AMGN), Gilead (GILD), Toast, Inc. (TOST), Suncor Energy (SU), Devon Energy Corporation (DVN), Astera Labs, Inc. (ALAB), DigitalOcean Holdings (DOCN)

Wednesday, August 5

• Premarket: Eli Lilly and Company (LLY), The Walt Disney Company (DIS), Uber Technologies, Inc. (UBER), Shopify Inc. (SHOP)
• Postmarket: DoorDash, Inc. (DASH), Block, Inc. (XYZ), MercadoLibre, Inc. (MELI), CF Industries Holdings, Inc. (CF), Exelixis, Inc. (EXEL)

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.