Shares of flash memory maker Sandisk dipped 95 cents to $39.16 on the Nasdaq Stock Market Tuesday after it announced broad cost-cutting measures.
Blaming stiff competition and weak demand, Sandisk said it plans to lower chip prices, eliminate some 250 jobs and downgrade executive salaries. Consequently, financial analyst R.W. Baird downgraded Sandisk to â€œneutralâ€ from â€œoutperform.â€
The announcement came in the heels of a similar downbeat news from Micron Technology, which warned last week of falling memory-chip prices.