Sandisk lifts as Western Digital heads toward the exits

Sandisk's SNDK.O shares reverse premarket losses and last up 3% at $608.36 on Weds after hard disk drive maker Western Digital WDC.O slashes its holdings in $3.2 bln secondary offering

WDC shares also rising 5.9% to $300.90 as S&P 500 tech sector .SPLRCT leads Wall Street higher on the session .N

SNDK early Weds said former parent WDC sold ~5.8 mln shares as part of debt-for-equity exchange at $545, which was 7.7% discount to SNDK stock's last close

WDC to swap the SNDK shares for certain indebtedness of WDC held by bookrunners JP Morgan and BofA

Sale leaves WDC with ~1.7 mln SNDK shares, which it intends to dispose of eventually, with an aim to reduce its debt pile of $4.69 bln as of Jan 2026

Milpitas, California-based SNDK has ~147.6 mln shares outstanding

With move on Weds, SNDK shares up 157% YTD. They closed at $48.60 in their Nasdaq debut on Feb 24 after co split from WDC

16 of 22 analysts covering SNDK rate the stock "strong buy" or "buy", 6 "hold"; median PT of $717.50 up from $290 a month ago, per LSEG data

WDC shares now up ~75% in 2026