On this episode of Stock Movers:
- Shares of Sandisk (SNDK) soared 24% to $339.40 on Tuesday as investors continued to pour money into the flash memory company. Sandisk began trading at $36 a share last February after spinning off from Western Digital. The stock has since joined the S&P 500 and surged more than 800% from the spinoff, with artificial intelligence boosting demand and prices for solid state drives, or SSDs.
- Makers of cooling systems saw their stocks plunge on Tuesday after comments by Nvidia Corp.’s chief executive raised fears about demand for their products from data centers.Johnson Controls International, which makes water-cooled chillers and similar systems, tumbled as much as 11% in the worst intraday drop since 2022. Modine Manufacturing fell as much as 21% before paring declines, and Trane Technologies and Carrier Global Corp. also slid Tuesday.
- Lockheed Martin shares gain 3% after the company entered a pact with the Pentagon to more than triple the annual production of interceptor missiles. Under the seven year framework agreement, Lockheed would increase yearly production of the PAC-3 Missile Segment Enhancement interceptor to 2,000, from about 600
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