I don't dispute that the run-up was extreme. However, the discount on the stock prior to run-up was extreme as well, given its position in the sector. This drop really isn't so bad for the stock, if you are a long term holder, IMO. I would get more concerned if it goes back into the high 30s, especially for an extended period. Otherwise, I think this is just a spectacular correction that could have taken weeks or months, but now will be over in days (maybe even a day and a half). The stock will build another base until it becomes clear that the INTC/MU venture isn't the end of the flash business, rather it is more of a validation of its long term viability. A sector this big can take 3 major players. The way they are lining up: Samsung, Toshiba/Sandisk, and Intel/Mu. Toshiba/Sandisk has more important patents than the others, at least as of right now, and while they aren't as big as the others yet, they have the advantage that they focus on the sector more intensively, and they too have plenty of cash and business relationships.
Let the "games" begin!
EDIT: Whoops, forgot about Hynix. The games will get pretty heated!
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