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SanDisk Corporation (NASDAQ: SNDK) delivered a powerful market performance on Monday, soaring 13.3% during regular trading and jumping another 9% after hours. The surge came after S&P Dow Jones Indices announced that the flash-memory leader will be added to the S&P 500 index. SanDisk is set to replace Interpublic Group of Companies Inc. (NYSE: IPG), which is being acquired by Omnicom Group Inc. (NYSE: OMC). The index adjustment becomes effective before the market opens on Friday, November 28.
Investor enthusiasm surrounding SanDisk has been building throughout the month. On November 6, the company reported quarterly earnings that exceeded both revenue and profit expectations, reinforcing confidence in its growth trajectory. The momentum intensified on Monday after Morgan Stanley analyst Joseph Moore boosted his price target on SanDisk to $273 from $263 while reiterating an Overweight rating. This optimistic outlook contributed to stronger trading activity and renewed interest in SanDisk stock, particularly as its inclusion in the S&P 500 positions it for increased visibility among institutional investors and index-tracking funds.
The index reshuffling also affected several other companies. PTC Therapeutics Inc. (NASDAQ: PTCT) will take SanDisk’s former spot in the S&P SmallCap 600, prompting a 4% rise in its shares during after-hours trading. Upwork Inc. (NASDAQ: UPWK) climbed 5.7% after being selected to replace Premier Inc. (NASDAQ: PINC) in the SmallCap 600. Premier is set to be acquired by Patient Square Capital, with the deal expected to close on November 25. First Interstate BancSystem Inc. (NASDAQ: FIBK) also gained 4.8% following news it will replace Hanesbrands Inc. (NYSE: HBI), which is being acquired by Gildan Activewear Inc. (NYSE: GIL) in a transaction anticipated to finalize on December 1.
Overall, the latest S&P index updates sparked notable market reactions, with SanDisk leading the rally as investors respond to its strong earnings, bullish analyst sentiment, and upcoming inclusion in the S&P 500.
