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Why Wolfspeed Stock Just Popped

TheMotleyFool

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Why Wolfspeed Stock Just Popped: https://g.foolcdn.com/editorial/images/844925/100-bills-falling-from-the-sky-into-a-field-of-money.jpg

Wolfspeed (NYSE: WOLF) stock jumped 4.7% through 10:45 a.m. ET Monday after the silicon carbide and gallium nitride semiconductor specialist announced positive news for its balance sheet.

Citing Section 48D of the Internal Revenue Code, and specifically, the Advanced Manufacturing Investment Credit (AMIC) contained therein, Wolfspeed says the IRS just gave it a $698.6 million income tax refund.

$698.6 million in cash.

Source Fool.com