Sandisk (SNDK) Stock Falls 17.8% to $853 Two Weeks Before…
By Abdelaziz Fathi
AI summary of the source article
Sandisk shares fell 17.8% to $853.09 amid a broad semiconductor selloff and analyst downgrades, two weeks before its scheduled 8-for-1 stock split takes effect on November 19.
Key facts
- Sandisk stock dropped 17.8% to $853.09 by midday Thursday, after dropping 7.91% on Wednesday.
- The company's 8-for-1 stock split remains scheduled to become effective after the market close on November 19.
- Fox Advisors downgraded Sandisk from Overweight to Equal Weight on November 2, and Chief Legal Officer Bernard Shek sold 600 shares worth roughly $695,000 under a Rule 10b5-1 plan.
Source excerpt · FinanceFeeds
Sandisk stock fell 17.8% to $853.09 by 12:33 p.m. ET on Thursday, accelerating a second straight day of heavy selling less than two weeks before the company's 8-for-1 stock split takes effect. SNDK had already been under pressure before the opening bell. StockAnalysis showed the shares at $981.00 at 7:16 a.m. ET, down 5.44% from Wednesday's $1,037.40 close. Once regular trading began, the decline…