On August 6, Tradr 2X Long SNDK Daily ETF fell 17.31% in pre-market trading, trading at $9.47/share, with turnover of $2.5471 million. The ETF is a 2x leveraged long product tracking SanDisk, and leverage effects significantly amplified the underlying stock's decline.

On the news front, SanDisk reported Q4 fiscal results after the close on August 5, with revenue of $8.97 billion beating consensus of approximately $8.6 billion and adjusted EPS of $39.25 far exceeding the expected $34.37. However, the company guided Q1 adjusted EPS of $44-$46, with a midpoint of $45, slightly below the Street estimate of approximately $45.58. Despite the strong quarterly beat, some Wall Street institutions had pushed EPS estimates as high as $34.80 ahead of the report, and the underwhelming forward guidance triggered a sell-off of roughly 6.71% in SanDisk shares after hours, which the 2x leverage structure then magnified to a double-digit pre-market loss in the ETF. SanDisk also announced a new $14 billion share buyback program.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)