Business
Heard on the Street Tuesday Recap: Sandisk Flies Higher
Computer data-storage stocks surged after comments by Nvidia Chief Executive Jensen Huang. Sandisk soared 28% and is now up almost 900% since its spinoff from Western Digital in February. Western Digital gained 17% and Seagate rose 14%. Huang discussed a new memory-storage platform for Nvidia’s latest artificial-intelligence server system, into which it has integrated a host of connectivity and memory-storage products.
AIG shares dropped 7.5% on the news that Peter Zaffino is stepping down as CEO. In November, AIG abruptly scrapped plans to bring in another executive, John Neal, as Zaffino’s heir apparent. The 58-year-old Zaffino will hand the reins to longtime Aon executive Eric Andersen.
Copper prices climbed to new highs. Futures in New York rose 1.5% to a record settlement of $6.01 a pound. Copper surged 42% last year, marking its biggest annual gain since 2009. The rally has been fueled by concerns the Trump administration could impose tariffs on refined metal imports.
