🔴 SNDK is trading 3.6% down today after Western Digital's $3.17B secondary share offering

SNDK is trading at $569.25, down 3.6% in pre-market following Western Digital's announcement of a $3.17 billion secondary share offering.

• Western Digital is selling 7.5 million shares at $545 per share—a 7.7% discount to Tuesday's close—to facilitate debt reduction via a debt-for-equity exchange.
• SanDisk will receive no proceeds from the transaction, which is being managed by J.P. Morgan and Bank of America.
• Despite the near-term selling pressure, analysts remain bullish on the stock with an average price target of $717.28.