Why Did Sandisk Stock Pop Today?
Institutions love Sandisk, but Western Digital prefers its own stock.
Overview
Sandisk (NASDAQ: SNDK) stock jumped 5.8% through 10:15 a.m. Friday -- and for a most curious reason.
In a filing with the SEC yesterday, Western Digital (NASDAQ: WDC) confirmed it is "exchanging" 1,038,681 shares of Sandisk stock for shares of Western Digital currently held by "certain institutional investors."
Details
This is curious because... investors in both semiconductor companies appear to think they're getting the better deal. Not only is Sandisk stock up 5.8%, but Western Digital stock is up 6.5%!
Source
Originally published at www.fool.com.
Related Articles
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.