Group 1 - SanDisk (SNDK.US) will join the S&P 500 index on November 28, 2025, replacing IPG Photonics (IPG.US) [1] - PTC Therapeutics (PTCT.US) will replace SanDisk in the S&P SmallCap 600 index on the same date [1] - Upwork (UPWK.US) will take the place of Premier (PINC.US) in the S&P SmallCap 600 index on November 28 [1] Group 2 - Patient Square Capital's acquisition of Premier is expected to be completed by November 25 [1] - First Interstate BancSystem (FIBK.US) will replace Hanesbrands (HBI.US) in the S&P SmallCap 600 index on December 2 [1] - Gildan Activewear (GIL.US) is expected to complete its acquisition of Hanesbrands by December 1 [1]

Group 1 - SanDisk's stock price increased by 3.6% in pre-market trading [1] - SanDisk will be included in the S&P 500 index [1]

Market Overview - The Hong Kong stock market showed a significant recovery on November 24, with all three major indices ending a streak of declines[9] - Large tech stocks performed strongly, with Kuaishou rising over 7%, and NetEase and Bilibili increasing over 5%[9] - The Hang Seng Tech Index closed at 5,546, up 2.78% for the day and 24.11% year-to-date[3] Sector Performance - Innovative pharmaceuticals and outsourcing concepts saw notable gains, with companies like Innovent Biologics rising over 6%[9] - Military stocks also performed well, with China Shipbuilding Defense up over 13%[9] - Oil stocks were weak, with China National Offshore Oil Corporation and China Oilfield Services both declining over 1%[9] U.S. Market Insights - On the same day, U.S. markets saw all three major indices close higher, driven by increased bets on a Federal Reserve rate cut[9] - The "Magnificent Seven" tech stocks, including Google and Nvidia, all rose, with Google gaining over 6%[9] - The S&P 500 index is projected to achieve double-digit annual growth according to HSBC strategists[14] Economic Indicators - The Federal Reserve is expected to cut rates in December, with market predictions showing a 70% probability[14] - The U.S. economy's third-quarter GDP report has been delayed due to a government shutdown, affecting economic analysis[14] Investment Trends - The Nasdaq Golden Dragon China Index rose by 2.82%, indicating a positive trend for Chinese concept stocks[13] - Significant inflows into semiconductor stocks were noted, with companies like Broadcom surging 11%[13]

Group 1 - Strategy Inc. (MSTR) has once again failed to be included in the S&P 500 index [1] - Sandisk (SNDK), a computer storage device manufacturer, will be added to the S&P 500 index this Friday, replacing Interpublic Group (IPG) [1] - Over the past three months, Sandisk's stock price has surged nearly 400% driven by the AI concept [1]

Core Viewpoint - SanDisk Corp. is entering the S&P 500, marking a significant milestone in its growth trajectory and surprising some investors who expected a different outcome [1] Company Summary - The announcement from S&P Dow Jones Indices was made late Monday, leading to a notable increase in SanDisk's stock price, which rose over 7% in extended trading and more than 13% during the regular session [1]

Group 1 - Fubo Group (03738) increased by over 9% after launching AI music detection services on November 21 [1] - Hard Egg Innovation (00400) rose nearly 8% as it reported a revenue of approximately RMB 3.332 billion for Q3 2025, a year-on-year increase of about 22.1% [1] - ZTO Express (02057) saw a rise of over 4% following a report indicating a Q3 revenue and adjusted net profit growth of 11% and 7% year-on-year, respectively [1] - Qiniu Intelligent (02567) increased by 5% due to its core advantage in integrated MPaaS technology, supporting one-stop audio and video solutions [1] Group 2 - HAPO Pharmaceuticals-B (02142) rose nearly 5% after announcing an expanded collaboration with AstraZeneca for new generation biotherapies [2] - Junshi Biosciences (01877) increased by over 5% after achieving primary research endpoints in a clinical study for its drug JS001sc [2] - Dazhong Public Utilities (01635) rose over 8% following the announcement of the successful IPO of Moer Thread, marking a record high issuance price in the A-share market [2] Group 3 - Airline stocks faced declines, with China Eastern Airlines (00670) dropping nearly 6% and China Southern Airlines (01055) down nearly 3% due to a significant increase in flight cancellations to Japan [3] Group 4 - Alibaba-W (09988) increased by over 3% after its app surpassed 10 million downloads within a week of public testing [4] - Xiaomi Group-W (01810) rose over 5% as its founder invested over HKD 100 million to increase his stake to 23.26%, reflecting confidence in the company's growth potential [4] Group 5 - U.S. storage stocks saw collective gains, with SanDisk (SNDK.US) up 13.33% and Western Digital (WDC.US) up 8.43%, following a bullish outlook from Bank of America [5] - Qudian (QD.US) rose 10.3% after reporting a Q3 diluted earnings per ADS of RMB 2.47, exceeding last year's figure [5] - WeRide (WRD.US) surged 14.72% with a 144% year-on-year revenue growth to RMB 171 million for Q3, attributed to fleet expansion [5] Group 6 - Lotus (LOT.US) fell 1.57% after reporting a narrower loss of USD 0.10 per share for Q3, with sales declining to USD 137 million [6] - Chinese concept stocks mostly rose, with HSAI (HSAI.US) up 18.08% and Alibaba (BABA.US) up 5.1%, driven by significant partnerships in the ADAS sector [6] Group 7 - Major tech stocks in the U.S. saw gains, with Google A (GOOGL.US) up 6.31% and Tesla (TSLA.US) up 6.82%, following advancements in AI technology [7]

Core Viewpoint - Morgan Stanley raised the target price for Micron from $325 to $338 and for SanDisk from $263 to $273, citing a significant shortage in the memory market and reaffirming an "overweight" rating [1] Group 1: Price Target Adjustments - Morgan Stanley's analysts increased Micron's target price to $338, reflecting a positive outlook on the company's performance due to market conditions [1] - SanDisk's target price was raised to $273, indicating a similar optimistic view on its future earnings potential [1] Group 2: Market Conditions - Analyst Joseph Moore noted that recent sell-offs in the market appear unjustified, as there is a widespread shortage in memory supply across the industry [1] - The ongoing supply constraints are expected to lead to multiple upward revisions in profit forecasts for the upcoming quarters [1] Group 3: Earnings Forecast Revisions - Morgan Stanley raised its earnings per share forecast for Micron by 15% for the fiscal year 2026, reflecting confidence in the company's ability to navigate the supply challenges [1] - SanDisk's earnings estimates were increased by 20%, further supporting the positive sentiment towards the company's financial outlook [1]

Market Overview - U.S. stock futures increased on Monday, continuing Friday's gains, driven by optimism regarding a potential December rate cut suggested by New York Fed President John Williams [1] - The Dow Jones Industrial Average rose 0.44% to 46,448.27, the S&P 500 increased by 1.5% to 6,705.12, and the Nasdaq jumped 2.69% to 22,872.00 [1] Semiconductor Sector - The semiconductor sector experienced a boost as hopes for a December Fed rate cut lifted tech stocks, with supportive comments from Federal Reserve Governor Christopher Waller further fueling the rally [2] Broadcom Inc. - Broadcom's stock surged 11.10% to close at $377.96, reaching an intraday high of $382 and a low of $347.66, with a 52-week high of $386.48 and a low of $138.10; in after-hours trading, the stock rose 1.49% to $383.60 [1] Alphabet Inc. - Alphabet's Class C shares climbed 6.28% to close at $318.47, hitting a new 52-week high of $319.80, with a low of $142.66; after-hours trading saw a gain of 2.65% to $326.90 [3][4] - Alphabet's Class A shares ended the day 6.3% higher at $318.58, gaining 2.6% to $327 in extended trading [3] - The company is reportedly in talks with Meta and other cloud clients to supply Google's AI TPU chips, indicating increased competition with Nvidia; Alphabet shares rose about 2% after-hours while Nvidia slipped roughly 2% [4] SanDisk Corporation - SanDisk's stock rose 13.33% to $226.96, with a high of $228.18 and a low of $205.13; the stock's 52-week high is $284.76 and a low of $27.90, popping 7.29% to $243.50 in after-hours trading [5][6] - SanDisk was added to the S&P 500, replacing Interpublic Group after its acquisition by Omnicom, effective November 28; PTC Therapeutics will replace SanDisk in the S&P SmallCap 600 [6] - The company reported strong fourth-quarter results on November 6, beating revenue and EPS estimates for the eighth time in ten quarters [6] Novo Nordisk A/S - Novo Nordisk shares fell 5.58% to $44.97, with a high of $45.22 and a low of $43.08; the stock's 52-week high is $112.52 [7][8] - The company reported that its 2-year evoke and evoke+ trials did not show semaglutide to be superior to placebo in slowing Alzheimer's disease progression, despite improvements in biomarkers; the 1-year extension phase will be discontinued [8] Zoom Communications Inc. - Zoom's stock dipped slightly by 0.04% to close at $78.60, with an intraday high of $80.27 and a low of $78.59; the stock's 52-week high is $92.80 [10][11] - The company reported third-quarter revenue of $1.23 billion and adjusted earnings of $1.52 per share, beating forecasts; enterprise revenue rose 6.1% year-over-year, ending the quarter with 4,363 large customers and generating $629.3 million in operating cash flow [11]

Core Viewpoint - SanDisk, a storage chip manufacturer, will be added to the S&P 500 index on November 28, replacing Omnicom Group, marking a rare direct leap from the S&P SmallCap 600 index to the S&P 500 index due to its nearly $30 billion market capitalization [1][4]. Group 1: Company Performance - Since its spin-off from Western Digital in February, SanDisk's stock price has surged over four times, closing at $226.96 on the last trading day, with a single-day increase of 13.3% and an after-hours rise of 8% to $245.25 [1][4]. - The strong demand for flash memory and chip products has significantly driven the company's performance, benefiting from applications in consumer electronics and data centers [4]. Group 2: Market Impact - The inclusion of SanDisk in the S&P 500 will compel passive funds tracking the index to purchase its stock, potentially further increasing its share price [3][4]. - This adjustment reflects the overall improvement in the storage chip industry's market recognition, particularly in the context of an AI-driven technology cycle [3][4].

Group 1 - S&P Dow Jones Indices announced that SanDisk Corp. will be added to the S&P 500 index on Friday, replacing Interpublic Group of Companies Inc. [1] - Following the announcement, SanDisk's stock (SNDK.US) rose over 10% in after-hours trading [1]. - SanDisk's market capitalization is approximately $34 billion, which is significantly higher than other constituents in the S&P SmallCap 600 index, making it an outlier [1]. Group 2 - SanDisk outperformed Strategy Inc., a major cryptocurrency holder, which recently qualified for inclusion in the S&P 500 index [1]. - The announcement regarding SanDisk's inclusion came earlier than some investors had anticipated, as the market expected adjustments to occur in early December [1]. - The index provider has discretion over the timing and method of adjustments, as evidenced by a similar situation in June [1]. - SanDisk's stock price has surged nearly 400% over the past three months, driven by the AI boom [1].