Flash-memory maker SanDisk (SNDK) issued a weak business update after the close Tuesday. The firm blamed weaker-than-expected pricing and demand, as it now forecasts total revenue to be approximately $1.2 billion in the first quarter, down from its previously expected $1.35 billion at the high end of the range and well below consensus expectations of $1.34 billion. SanDisk also said that its gross margin would be less than the 39% to 42% range it had previously expected in the period. We’ll be expecting more information from the chip maker when it reports quarterly results April 19. At this time, however, we’re sticking with our fair value estimate for SanDisk and continue to steer clear of the firm’s shares.