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SanDisk (SNDK) Stock Soars in After-Hours Trading on Sale Speculation

NEW YORK (TheStreet) -- SanDisk Corp. (SNDK - Get Report) stock is advancing by 11.72% to $69.01 in after-hours trading on Tuesday, following reports that the company has hired a bank to consider the possibility of selling itself, according to Bloomberg.

Fellow flash storage manufacturer Micron Technology (MU) and hard drive maker Western Digital Corp. (WDC) have shown interest in acquiring the Milpitas, CA-based data storage company, sources told Bloomberg.

SanDisk has a market value of about $12.6 billion and, along with Micron, faces competition from memory chip leader Samsung Electronics Co. (SSNLF).

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SanDisk may need Toshiba Corp.'s (TOSBF) approval for a sale because the companies jointly operate flash-memory manufacturing plants in Japan, Bloomberg noted.

Separately, TheStreet Ratings team rates SANDISK CORP as a Hold with a ratings score of C+. TheStreet Ratings...