Why Wolfspeed Stock Skyrocketed Today
Woflspeed (NYSE: WOLF) stock scored another round of huge gains Thursday. The silicon carbide (SiC) specialist's share price rocketed 16.7% higher in the daily session. Meanwhile, the S 500 index fell 0.3%, and the Nasdaq Composite index fell 0.1%.
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Wolfspeed confirmed today that the corporate restructuring it completed after emerging from bankruptcy protections had resulted in the company's debt load being reduced by 70%. On the other hand, Wolfspeed's debt reduction was already something that investors broadly anticipated. While the reduction of debt is a positive development for the new corporate entity, the gains that it saw today in response to an already expected development may indicate that meme stock trading was a driving factor in the gains.
Source Fool.com
