markets

Hyunsoo Rim11/25/25

Sandisk jumps on S&P 500 inclusion announcement

Sandisk was up as much as 6% in premarket trading after S&P Global announced that the flash memory card maker will join the S&P 500 Index on November 28, 2025, replacing advertising giant Interpublic Group, which is being acquired by Omnicom.

Sandisk’s inclusion comes nine months after it was spun off from its parent company, data storage giant Western Digital. Since listing on the Nasdaq, the stock has been on a tear, with its shares soaring more than 500% this year, pushing its market cap to ~$33 billion. That’s more than double what Western Digital originally paid for the company when it bought Sandisk back in 2016 for roughly $16 billion in a bid to expand into flash memory chips, as its traditional hard disk drive business faced mounting pressure.

The company sells high-speed flash memory for consumer electronics like phones and cameras, and is pushing deeper into the data center supply chain. Its latest quarterly earnings showed strong momentum, with a 23% year-over-year increase in sales and solid guidance that topped Wall Street estimates.

Sandisk’s addition follows a broader move of tech firms joining the S&P 500 this year, including AppLovin, Robinhood, Datadog, Block, and DoorDash.

The stock pop this morning reflects the classic S&P 500 inclusion effect — a temporary rise that occurs when a stock is added to America’s flagship index, tracked by $13 trillion in passive funds and ETFs that are required to buy newly included stocks. Indeed, that effect is back in force this year, after losing steam for much of the last decade.

Go Deeper: The S&P 500 inclusion effect springboard is back in a big way

Sandisk’s addition follows a broader move of tech firms joining the S&P 500 this year, including AppLovin, Robinhood, Datadog, Block, and DoorDash.

The stock pop this morning reflects the classic S&P 500 inclusion effect — a temporary rise that occurs when a stock is added to America’s flagship index, tracked by $13 trillion in passive funds and ETFs that are required to buy newly included stocks. Indeed, that effect is back in force this year, after losing steam for much of the last decade.

Go Deeper: The S&P 500 inclusion effect springboard is back in a big way

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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