SanDisk Corp.
(NASDAQ:SNDK) extended its sharp sell-off Monday, falling more than 12% to become the Russell 1000's worst-performing stock as mounting concerns over China's expanding memory chip industry rattled investors.
The decline lifted the Tradr 2X Short SNDK Daily ETF (BATS:SNDQ) roughly 25%, making it one of Monday's best-performing ETFs.
The latest drop leaves SanDisk down more than 45% from its June record high, marking one of the steepest reversals among major semiconductor stocks this summer.
The stock had already fallen nearly 11% on Friday after investors reacted to ChangXin Memory Technologies' blockbuster Shanghai IPO, which renewed concerns that China's rapid expansion in NAND memory could intensify competition and pressure pricing across the industry.
