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Why Wolfspeed Stock Is Plummeting Today

TheMotleyFool

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Why Wolfspeed Stock Is Plummeting Today: https://g.foolcdn.com/editorial/images/833107/gettyimages-1167797024.jpg

After huge gains yesterday, Wolfspeed (NYSE: WOLF) stock is getting hit with a big pullback in Wednesday's trading. The company's share price was down 18.4% as of 2:45 p.m. ET.

Wolfspeed surged on Tuesday after the company announced that its restructuring plan had been approved in court and that the company would soon emerge from Chapter 11 bankruptcy protection. While there doesn't appear to be any fresh business-specific news pushing the stock lower today, investors are dumping shares after yesterday's rally.

Image source: Getty Images.

Source Fool.com