SanDisk Jumps To $1,279 As In-Line Inflation Clears The Overhang — A 13.47% EPS Beat Still Cost The Stock 12%

SanDisk caught the same bid Micron did. SNDK traded $1,279.26, up $41.34 or 3.34% from Tuesday's $1,237.92 close, after opening $21.55 above the prior close and running a range of $1,242.06 to $1,287.04. The stock changed hands at $1,271.05 through the middle of the session, sitting 3.3% above the day's low and 0.6% off the high.

Premarket had it at $1,256.78 on 765,220 shares. Session volume ran 9.41 million against a 18.65 million daily average — light participation on a 3%-plus move, which is what a macro-driven gap looks like rather than a fundamental repricing.

The catalyst was the inflation print. Headline CPI slowed to 3.4% year-over-year with core at 2.5%, both matching consensus, per the July 2026 CPI release. Nasdaq futures ripped 302.50 points to 29,928.50, a 1.02% advance, and September FOMC pricing tilted toward a hold. Micron gapped 4.39% to $906.61 on the same tape.

Market capitalization stands at $188.2 billion with a trailing P/E of 44.77.

The thesis on SanDisk is a contract book the market refuses to underwrite. The company has signed 10 New Business Model agreements with eight datacenter and edge customers representing $93.9 billion in minimum contracted revenue at floor pricing, backed by $16.5 billion in financial guarantees, with more than 50% of fiscal 2027 bits and roughly two-thirds of fiscal 2028 bits already committed. Remaining performance obligations sit at $91.1 billion including post-quarter deals.

Against $20.25 billion of fiscal 2026 revenue, that is more than four years of contracted minimum volume with price floors underneath it.

The market's answer: the stock closed the regular session down 5.31% on earnings day, fell another 7.07% after-hours, and sits 45.7% below the $2,354.39 intraday high printed June 22. A 13.47% EPS beat and a 6.53% revenue beat produced a 12% two-day decline.

The trade is the gap from the June peak against a $2,053.50 consensus target. Buy above $1,242, target $1,516, stop $1,199.

The August 5 Print Was A Beat And The Stock Got Smoked

The earnings reaction is the single most important thing to understand about this name.

SanDisk reported non-GAAP earnings of $39.25 per share on revenue of $8.97 billion, beating estimates of $34.59 and $8.42 billion — a 13.47% EPS beat and a 6.53% revenue beat. GAAP net income reached $6.90 billion or $43.97 in diluted earnings per share. Revenue rose 51% sequentially and more than 370% year-over-year.

Non-GAAP gross margin printed 84.6% against 26.4% a year earlier. That is a 5,820 basis point expansion in twelve months.

Shares closed the regular session at $1,351.76, down 5.31%, then fell another 7.07% after-hours to $1,255 — a cumulative 12.1% decline from the prior close through the extended session. Parallel readings put the regular close at $1,350.50 down 5.4%, with a further 4.2% after-hours slide to $1,293.84.

The company called the quarter a fundamental inflection point with record revenue, margins and earnings. The market called it a top.

The reason sits in the guidance. First quarter fiscal 2027 revenue is guided to $10.30 billion to $10.80 billion with non-GAAP diluted EPS of $44.00 to $46.00. That implies year-over-year growth above 350% and 20.4% sequential revenue growth at the midpoint. It also came in below lofty consensus expectations at the midpoint.

Read that carefully. A company guiding 20% sequential revenue growth and 12% sequential EPS growth got sold 12% because the number was not high enough. That is what happens when a stock rallies more than 3,000% and consensus builds a forecast off the trajectory rather than the guidance.

The pattern extended across the sector. Both SanDisk and a competing chipmaker delivered earnings beats that same week and both stocks fell. SanDisk and Western Digital slid despite fourth-quarter beats.

Prior guidance frames how conservative management has been. The company had guided fourth-quarter revenue to $7.75 billion to $8.25 billion, a 30% to 39% sequential increase, with adjusted EPS of $30 to $33. It delivered $8.97 billion and $39.25 — 8.7% above the top of its own revenue range and 18.9% above the top of its EPS range.

The Chart: 45.7% Off The June High And A Fresh Pivot Bottom

Price structure on SNDK is a vertical advance followed by a correction that has not yet found a floor.

The stock touched a 52-week intraday high of $2,354.39 on June 22 and has retreated more than 30% from that print. From $2,354.39 to Wednesday's $1,279.26 is a 45.7% decline. The 52-week range spans $42.82 to $2,354.39 — a 55x band that captures a stock which barely existed as an independent entity eighteen months ago.

SNDK debuted at $52 as a standalone company on February 24, 2025, following its separation from Western Digital, and has rallied more than 3,000% since. Year-to-date figures depend on the measurement date and the spread is enormous: up about 420% at one reading, up 576.9% at another taken in late July.

The recent sequence: $1,589.40 in late July, $1,239.76 on July 30, $1,393 on August 4, then $1,351.76 on the August 5 earnings close, then $1,255 after-hours, then $1,237.92 into Tuesday's close, then $1,279.26 Wednesday.

Systematic scoring has been negative and is improving. One model rates SNDK a Sell candidate with a technical score of -1.93 on a -10 to +10 scale based on data through August 11 — an upgrade from Strong Sell in the prior evaluation. Since the Sell signal began July 13, the price has fallen 24.07%. The three-month trend forecast projects a further 12.11% decline, with a 90% probability band of $854.56 to $1,916.01 at the end of that period.

That band is 1,061 dollars wide — 83% of the current price. Nobody has a point estimate on this stock.

Two constructive signals cut against the negative score. A buy signal was issued from a pivot bottom on Friday, August 7, and the stock has risen 4.85% since. There is also a buy signal from the three-month MACD. The predicted fair opening price for August 12 was $1,266.70, and the stock opened above it.

The stock lies in the middle of a very wide and falling trend in the short term, with further decline signaled within that trend. It also fell 16% over the past month while a competitor fell 8%.

Revenue Grew 51% Sequentially And Two-Thirds Of It Was Price

The composition of the quarter is where the bull and bear cases separate.

Sequential revenue growth came approximately one-third from higher volumes and two-thirds from higher pricing. Company data shows roughly $2.01 billion in sequential growth was attributed to pricing alone, against total sequential growth of $3.03 billion on the move from $5.94 billion to $8.97 billion.

That is the crux. Two-thirds of the sequential expansion is a price effect on a commodity that has historically mean-reverted. NAND flash contract prices climbed 85% to 90% quarter-on-quarter in the first quarter of 2026 and 55% to 60% in the second, with third-quarter forecasts projecting another 70% to 75% increase.

The margin math follows directly. Non-GAAP gross margin at 84.6% against 26.4% a year earlier is almost entirely a pricing outcome, because bit costs do not fall 5,800 basis points in twelve months. Every dollar of price increase above cost flows to gross profit at close to 100% incremental margin.

That works spectacularly in one direction and catastrophically in the other. A 30% NAND price decline against an 84.6% gross margin structure takes margin toward 60%, which halves earnings on flat volume.

The supply-side evidence says the price direction has not turned. SanDisk announced a 10% hike for NAND products, prompting a competitor to pause its NAND and DRAM quotes while signaling sharper increases ahead. Spot DDR4 prices climbed 3.31% in a single week from $4.896 to $5.058.

The friction: transaction volumes are shrinking as buyers resist steep increases, showing limited willingness to absorb higher costs, and DDR5 spot trading remains subdued.

The structural view from the sell side is that robust AI infrastructure demand is driving incredibly tight NAND supply, massive pricing growth and terrific profitability, and that if AI demand growth remains rapid, NAND supply could stay tight through 2030.

That 2030 horizon is the bet. A company earning 84.6% gross margins for four more years is worth multiples of the current price. A company earning them for four more quarters is not.

Datacenter Went From 12% To 38% Of The Portfolio In A Year

The mix shift is the strongest argument that this cycle is structurally different from prior NAND cycles.

Datacenter revenue surged 103% sequentially to $2,977 million, growing from 12% to 38% of the portfolio year-over-year, driven by strong AI inference demand and the ramp of the QLC Stargate platform. Full fiscal year 2026 datacenter revenue reached $5.153 billion, up 437%.

Management described datacenter as the company's fastest-growing end market and a central pillar of long-term growth. Revenue outperformance was driven by both the mix shift toward higher-value customers, with datacenter up 437%, and higher pricing.

A 103% sequential increase in a segment that now accounts for 38% of revenue is a different business than the consumer flash operation that carried the SanDisk name for two decades. In an earlier quarter, the datacenter segment posted $1.47 billion in revenue, up 645% year-over-year — evidence that NAND flash is moving from commodity status to an AI-critical asset.

Every AI server requires massive amounts of high-speed storage, and investors have come to recognize that, which is what drove expectations for long-term growth and the share price.

The technology stack backs the mix shift. BiCS8 has ramped to the majority of bit production and BiCS10 has been announced, positioning the company as an industry gold standard for NAND across both TLC and QLC. A ninth-generation product was unveiled jointly with the manufacturing partner. The company also unveiled the first High Bandwidth Flash industry standard alongside a DRAM competitor — a blueprint that could expand the AI memory addressable market across chip vendors.

The QLC Stargate platform ramp is the specific driver of AI inference demand capture. Inference workloads are read-heavy and capacity-hungry, which favors QLC economics over the TLC that dominated enterprise storage historically.

Full-year figures put the transformation in scale. Fiscal 2026 revenue reached $20.25 billion, up 175% year-over-year, with GAAP net income of $11.43 billion or $73.76 in diluted EPS. Non-GAAP diluted EPS came in at $70.88.

At $1,279.26 against $70.88 of trailing non-GAAP EPS, the stock trades at 18.0x fiscal 2026 non-GAAP earnings.

The $93.9 Billion Contract Book Is The Real Asset

The New Business Model structure is what separates SanDisk from every prior NAND equity, and the market is pricing almost none of it.

Since announcing five NBM agreements on the April earnings call, the company signed five additional agreements — three with new customers and two expanding previously signed deals. In total there are now NBMs with eight diverse datacenter and edge customers, with a weighted average duration of over four years.

Total expected revenue from all signed NBMs is a minimum of $93.9 billion assuming floor pricing.

Read that against $20.25 billion of fiscal 2026 revenue. The contract book at floor prices represents 4.6 years of current-run-rate revenue, contractually committed, with minimum volumes defined by year and by quarter.

The pricing mechanics are the part that matters. Pricing blends fixed and variable elements, with the variable portion subject to floors and ceilings, and management states margins remain attractive even at floor pricing. Estimated floor pricing runs roughly $0.29 per gigabyte, broadly in line with second-quarter 2026 average selling prices.

That last detail is critical. A floor set at current average selling prices means the downside case is today's economics, not the cyclical trough. Contracts span three to five years, and one research firm believes these long-term supply agreements provide more meaningful downside protection than previous take-or-pay structures.

The guarantees are real money. The agreements include $16.5 billion in financial guarantees consisting of cash deposits and instruments. Guarantees release toward the end of each agreement, so coverage relative to remaining obligations rises over time.

Sixteen and a half billion dollars of cash deposits against a $188.2 billion market capitalization is 8.8% of the equity value sitting as customer collateral.

Supply and demand commitments are defined by year and by quarter, giving clearer operational visibility and added financial protection. Management describes itself as highly selective on new NBMs, targeting strategic customers, roughly five-year duration, growing volumes and attractive financials.

The accounting footnote shows the cash mechanics: adjusted free cash flow excludes $538 million and $1,938 million in the periods presented related to NBM prepayments and deposits, because those flows are not indicative of core underlying cash generation.

RPO At $91.1 Billion And Two-Thirds Of FY2028 Bits Are Sold

The remaining performance obligation disclosure quantifies the visibility with more precision than the headline contract number.

Remaining performance obligations stood at $59.8 billion at quarter-end, rising to $91.1 billion including two deals signed after the quarter closed. Three of the five new agreements closed before quarter-end and two after.

The bit commitments are the operational version of the same fact. More than 50% of fiscal 2027 bits and approximately two-thirds of fiscal 2028 bits are already committed under the NBM structure. The average contract life exceeds four years.

That configuration inverts the traditional NAND risk profile. Historically the danger was volume: a producer built capacity and prayed customers appeared. Here the volume is contracted two fiscal years out and the residual risk is price above the floor.

Against $91.1 billion of RPO, the $188.2 billion market capitalization implies the equity trades at 2.07x contracted backlog. For a business generating 84.6% gross margins and a 56% free cash flow margin, that ratio is not demanding.

Free cash flow confirms the conversion. The company generated $5,035 million in adjusted free cash flow in the quarter — a 56% margin on $8.97 billion of revenue.

The comparison to the DRAM side of the industry is instructive. A competitor disclosed approximately $100 billion in remaining performance obligations across 16 strategic customer agreements against $41.46 billion of quarterly revenue. SanDisk's $91.1 billion sits against $8.97 billion of quarterly revenue — a 10.2x ratio versus 2.4x. SanDisk's contracted visibility relative to its size is four times deeper.

The qualification cuts both ways. RPO converts to revenue at the floor when spot pricing falls below it, not at the ceiling. If NAND contract prices roll over from the current level after three consecutive quarters of 55% to 90% increases, the $93.9 billion book protects volume and caps pricing at roughly $0.29 per gigabyte rather than preserving 84.6% margins.

Execution risk persists. Terms limit exposure to market cycles; they do not eliminate delivery obligations.

The $15.5 Billion Buyback Is 8.2% Of The Float

Capital return has become a material component of the equity story, and the authorization is unusually large relative to the company's size.

The Board approved an additional $14 billion buyback program, bringing total remaining authorization to $15.5 billion after $4.52 billion had already been used. The company repurchased $4.5 billion of stock in the fourth quarter alone.

Against the current $188.2 billion market capitalization, $15.5 billion of remaining authorization equals 8.2% of the equity. At the $212 billion market cap prevailing on the earnings date, the remaining amount represented roughly 7%.

Management stated plans to be very consistent in executing the buyback program. A $4.5 billion quarterly repurchase pace against $5,035 million of adjusted free cash flow means the company returned 89% of free cash flow to shareholders in a single quarter while revenue grew 51% sequentially.

That combination — near-total free cash flow return during hypergrowth — is possible because the NBM prepayment structure funds working capital. Customers are effectively financing the capacity that serves them, with $16.5 billion of guarantees and separate prepayments of $538 million and $1,938 million in the disclosed periods.

The repurchase math at current prices is favorable to remaining holders. Buying back $15.5 billion at $1,279.26 retires 12.1 million shares. At the June high of $2,354.39, the same dollars retire 6.6 million. Executing the authorization during a 45.7% drawdown nearly doubles the share count retired per dollar deployed.

Whether the buyback provides meaningful support is the open question. Roughly 7% of market cap spread across multiple quarters is a bid but not a floor, particularly against 18.65 million shares of average daily volume — a single day's turnover at current prices represents $23.9 billion.

A dividend has been raised as a possibility and management has not committed.

The balance sheet history carries one scar worth noting. Following the separation, a $1.8 billion goodwill impairment charge was recognized for the year ended June 27, 2025, after management determined the carrying value of the reporting unit exceeded fair value. The company stated the charge does not reflect operating results and is not indicative of underlying business performance.

Valuation: 44.77x Trailing Against Micron's 19.74x

The multiple is where SanDisk looks expensive relative to its peer group and cheap relative to its own growth.

SNDK trades at a trailing P/E of 44.77, with a parallel reading at 47.77x. Against the peer set on trailing twelve-month multiples: a DRAM competitor at 19.74x, a Korean memory producer at 20.29x, Western Digital at 33.94x, Seagate at 64.15x, and the sector memory ETF at 24.22x.

On forward multiples the gap widens. SanDisk trades at 24.75x forward against the DRAM competitor's 6.26x — a 4x premium.

The counterargument sits in the growth rates. Neither multiple screams bubble given fiscal year-over-year revenue growth of 345.7% at the DRAM peer and 251% at SanDisk. And the trailing figure understates the forward earnings base badly: at $1,279.26 against fiscal 2026 non-GAAP EPS of $70.88, the stock trades 18.0x last year's earnings, while first-quarter fiscal 2027 guidance alone is $44 to $46 per share.

Annualize the guidance midpoint. Four quarters at $45 produces $180 in EPS, which puts SNDK at 7.1x forward annualized earnings. That is the number that makes the $3,000 price target defensible.

The problem with annualizing a single guided quarter in a pricing-driven business is obvious, and it is why the market applies a discount rather than the multiple.

Market capitalization at $188.2 billion against $20.25 billion of fiscal 2026 revenue is 9.3x sales. Against the $10.55 billion first-quarter guidance midpoint annualized to $42.2 billion, it is 4.5x forward sales.

One characterization of the setup: SanDisk is one of the only growth stocks that can more than quadruple and still be undervalued, on the strength of the fiscal fourth-quarter results and the contract book.

Peer year-to-date performance frames the relative move. The DRAM competitor has gained more than 200% year to date while SanDisk is up about 420%, with another measurement putting SanDisk at 576.9% against 239.2%.

The stock has also become a prime split candidate after the 3,000%-plus rally pushed the share price into quadruple digits. A split changes nothing fundamental and historically produces a short-term bid in retail-heavy names.

Analyst Targets Run $1,000 To $3,000 And Nobody Agrees

The sell side carries a uniformly bullish rating with a price target dispersion that makes the rating meaningless.

Twenty-three analysts carry a Strong Buy consensus with a 12-month target of $2,053.50, implying 47.92% upside from the latest price and 61.56% from the $1,271.05 print. Nineteen analysts recommend buying, zero suggest selling. The high estimate sits at $3,000 and the low at $1,000.

That is a 3x ratio between high and low on a $188 billion company, with the low estimate implying a 21.8% decline and the high implying 134.5% upside.

Alternative consensus tallies run $1,853.14, $2,217.77 and $2,144.14 across different provider methodologies, with 15 Buys and 3 Strong Buys in one rating split.

The recent actions map the disagreement. One firm raised its price target to $3,000 from $1,700 while maintaining an Outperform rating, on the view that the long-term supply agreements provide more meaningful downside protection than previous take-or-pay contracts, estimating floor pricing near $0.29 per gigabyte. Another stayed bullish while lowering its target on outlook concerns.

Note what the bears are not doing: nobody has a Sell rating. The most cautious target at $1,000 still comes attached to a constructive stance on the industry.

Wall Street remains highly bullish based on expectations of a multi-year global NAND flash shortage. The counterpoint is that market perception may be shifting beyond today's favorable supply-demand dynamics — while there is little evidence a memory supply normalization is imminent, the recent pullback suggests some investors are already positioning for that possibility.

Options sentiment has read mixed, with the stock down 3.38% on one measurement session.

The technical models diverge just as sharply. One rates SNDK a Sell candidate with a -1.93 score and projects a 12.11% three-month decline, while simultaneously flagging a pivot-bottom buy signal from August 7 and a three-month MACD buy signal.

Bullish rating, $2,000 target, negative technical score, and a 12% projected decline. Position for the range, not the target.

The Sector Tape Has Faded Three Rallies In Six Weeks

Memory has produced repeated relief rallies since the July drawdown, and none has held.

On July 30, memory stocks posted sharp gains recovering from a steep multi-day selloff: SanDisk climbed 18% to 22% to $1,239.76, the DRAM competitor rose 11% to 15% to $851.56, Seagate added 14% to 16% to $889.38, Western Digital gained 15% to 18% to $544.26, the Korean producer advanced 10% to 16% to $147.10, and the sector memory ETF jumped 11% to 13% to $50.68. The Nasdaq 100 rallied close to 3% on the same session.

The catalyst was a supply warning: memory shortages persisting through the second half of 2026 despite increased production, with strong demand for server DRAM, enterprise SSDs and HBM. Embedded forecasts projected DRAM contract prices up 58% to 63% and NAND up 70% to 75% in the third quarter, with the market remaining structurally tight into 2027.

On August 4 the group rallied again on target hikes: SanDisk up 8% to $1,393, the DRAM peer up 6% to $880, the Korean producer up 4% to $148, Western Digital up 3% to $542, Seagate up 1% to $842, and the memory ETF up 5% to $54.

Both rallies died. SanDisk went from $1,393 on August 4 to $1,237.92 by Tuesday's close — an 11.1% decline in five sessions that included the earnings beat.

The sector context: memory names sold off hard in July, with the DRAM competitor posting its worst month since 2005 and SanDisk falling 16% over a comparable stretch. That competitor's market capitalization fell below $1 trillion on July 16 and has stayed there.

What distinguishes the current attempt is the macro component. The July 30 and August 4 rallies were sector-specific catalysts that did nothing about the rate overhang crushing forward multiples across the group. Wednesday's in-line CPI print directly addresses it by shifting September FOMC pricing toward a hold.

Confirmation requires holding $1,287.04 — the session high — for two consecutive closes. Failure below $1,242.06 fills the gap and repeats the pattern.

What Has To Happen For The Bull Case To Work

Three conditions determine whether SanDisk trades toward $2,053 or back toward $1,000, and all three are observable.

First: NAND contract pricing has to hold above the $0.29 per gigabyte floor embedded in the NBM agreements. Third-quarter forecasts project a 70% to 75% increase, and the company just pushed through a 10% list hike while a competitor paused quotes. Watch spot prices and transaction volumes — buyers are already resisting increases with limited willingness to absorb higher costs, and shrinking volume at rising prices is the signature of an approaching top.

Second: the datacenter mix shift has to continue. Datacenter went from 12% to 38% of the portfolio in twelve months on 437% annual growth and 103% sequential growth. That segment carries the pricing power and the contract structure. If sequential datacenter growth decelerates below 30% in the first quarter, the mix argument weakens and the multiple compresses toward the commodity peer group.

Third: the guidance has to beat again. First-quarter fiscal 2027 is guided to $10.30 billion to $10.80 billion with EPS of $44 to $46. The company beat the top of its own fourth-quarter revenue range by 8.7% and its EPS range by 18.9%. Repeating that means $11.7 billion and $54 — figures that would force estimate revisions higher across fiscal 2027 and 2028.

The bear conditions are the mirror image. NAND pricing rolling over takes gross margin from 84.6% toward 60% on flat volume, which halves earnings. A datacenter deceleration converts the story back to consumer flash cyclicality. And guidance at the low end confirms the June top at $2,354.39.

The structural view from the constructive side: if AI demand growth remains rapid, NAND supply could stay tight through 2030, carrying the stock to new highs.

The structural risk on the other side: over the past two decades, memory has followed a familiar pattern where prices spike when demand outruns supply, manufacturers rush to add capacity, that capacity arrives all at once, and prices collapse. Coordinated additions across the three largest producers could eventually normalize pricing, and a Chinese entrant has expanded DRAM share from under 1% to roughly 7% while its projected HBM wafer share climbs toward 12% by 2028.

The NBM structure is the hedge against exactly that scenario, and it is why this cycle deserves a different multiple than 2018 did.

Verdict: Buy Above $1,242, Target $1,516 Then $1,853 — Stop $1,199

The trade is long with wide risk, and the justification is the contract book against the drawdown.

SanDisk holds $93.9 billion in minimum contracted revenue at floor pricing across 10 agreements with eight customers, backed by $16.5 billion in cash deposits and instruments, with $91.1 billion of remaining performance obligations, more than 50% of fiscal 2027 bits and two-thirds of fiscal 2028 bits committed, and a weighted average contract duration above four years. It generated $5,035 million of adjusted free cash flow at a 56% margin, repurchased $4.5 billion in a single quarter, and carries $15.5 billion of remaining authorization equal to 8.2% of market cap. The stock sits 45.7% below its June 22 high of $2,354.39.

Entry at $1,279.26 with a stop on a close below $1,199 risks 6.3%. First target is $1,516 — the midpoint between spot and the $1,853.14 conservative consensus — for 18.5%. Second target is $1,853.14 for 44.9%. Third is the $2,053.50 consensus for 60.5%.

Risk-reward to the first target runs 2.9 to 1. To consensus, 9.6 to 1.

Size for a 55x 52-week range. This stock traded $42.82 to $2,354.39 inside twelve months, produced a 12.1% two-day decline on a 13.47% EPS beat, and carries a 90% probability band of $854.56 to $1,916.01 over three months. A full position here is a half position anywhere else.

The near-term decision point is $1,287.04, the session high. Two closes above it with volume above the 18.65 million average confirms the gap. Failure below $1,242.06 fills it and the July pattern repeats.

The bear case deserves respect and it is specific. Two-thirds of sequential revenue growth came from pricing, not volume. Non-GAAP gross margin at 84.6% against 26.4% a year ago has no historical precedent and no obvious path to sustainability. First-quarter guidance missed lofty consensus at the midpoint. The stock trades 44.77x trailing against a DRAM peer at 19.74x and 24.75x forward against that peer's 6.26x. Buyers are resisting price increases while transaction volumes shrink. And the low analyst target sits at $1,000, a 21.8% decline.

The next catalyst is the fiscal first-quarter report with revenue guided to $10.30 billion to $10.80 billion and EPS to $44 to $46. Beat the top end again and the June high comes back into frame. Land at the low end and $1,000 is the number that matters.

That's TradingNEWS