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Why Did Wolfspeed Stock Skyrocket 1,686.78% Today?

TheMotleyFool

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Why Did Wolfspeed Stock Skyrocket 1,686.78% Today?: https://g.foolcdn.com/editorial/images/835586/wolfdown.jpg

Shares of Wolfspeed (NYSE: WOLF) saw some unusual activity on Monday, appearing to finish the day up a whopping 1,686.78% as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.3% and 0.5%, respectively.

The chipmaker's previously issued stock was replaced with new shares today as part of its path to clear Chapter 11 bankruptcy. It's critical for investors to understand, however, that while the 1,686.78% rise in the listed price of Wolfspeed's stock is eye-popping, it's a bit misleading.

Source Fool.com