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SanDisk Surges on S&P 500 Inclusion News
25 Nov
Summary
- SanDisk stock soared following its addition to the S&P 500 index.
- The company replaces Interpublic Group in the S&P 500 index.
- Recent strong earnings and analyst upgrades fueled the stock's rise.
SanDisk Corporation is set to join the S&P 500 index, a move that sent its stock soaring in after-hours trading. The flash memory maker will replace Interpublic Group, which is being acquired. This significant index change is slated to take effect before market open on Friday, November 28.
The substantial gains follow a robust earnings report released on November 6, where SanDisk exceeded both earnings and sales estimates. Earlier in the day, analyst Joseph Moore from Morgan Stanley increased his price target for SanDisk to $273.00 from $263.00, reaffirming an Overweight rating and adding further momentum.
In related index adjustments, PTC Therapeutics, Upwork Inc., and First Interstate BancSystem Inc. also saw their stock prices rise following news of their inclusion in other S&P indices. These changes underscore dynamic shifts within major market indexes, driven by corporate actions and strong financial performances.
