SanDisk shares jump 11.9% after S&P 100 inclusion
SanDisk is due to join the S&P 100 on 21 September, while reported hedge fund holdings more than doubled in the second quarter.
SanDisk shares rose 11.9% to close at $1,740 after S&P Dow Jones Indices announced the memory maker would join the S&P 100 on 21 September.
SanDisk will enter the index alongside Dell Technologies, Palo Alto Networks and Arista Networks. Honeywell Aerospace, Nike, Simon Property Group and Colgate-Palmolive are scheduled to leave the index as part of the rebalancing.
The inclusion could prompt funds tracking the S&P 100 to adjust their portfolios, potentially supporting demand for SanDisk shares. The report does not establish index membership as the sole cause of the rally.
SanDisk is also scheduled to participate in Citi’s Global TMT Conference on 8 September and Goldman Sachs’ Communacopia + Technology Conference on 9 September.
Insider Monkey data cited in the report showed that 128 hedge funds held SanDisk in the second quarter, up from 114 in the first quarter. Combined holdings rose 125 per cent quarter-on-quarter, from $11.3 billion to $25.6 billion.
