Sandisk Stock Has Tumbled 52% in July. Can it Snap Brutal Losing Streak?

Dow Jones07-29 19:19

Memory storage company Sandisk has been the poster child of the AI momentum rally and is now the figure head of a brutal selloff. It's probably worth keeping a close eye on the stock for an indication of when the recent selling might end.

There's bad news on that front. Sandisk stock was down around 1.5% ahead of the open Wednesday.

The shares are on a damaging three-day losing streak, tumbling 32% over the period. The stock has plunged 52% in July -- the worst performer in the S&P 500 this month, closely followed by Corning, which is down 51%.

Over the past 12 months Sandisk is still up an astonishing 2,453% through Tuesday's close.

Those figures encapsulate the current state of play for many of the market's red-hot stocks. Micron and Western Digital -- up 633% and 566% in the past year -- are down close to 30% this month.

The bigger they are, the harder they fall.

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