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Why Wolfspeed Stock Soared 10.1% Today

TheMotleyFool

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Why Wolfspeed Stock Soared 10.1% Today: https://g.foolcdn.com/editorial/images/844645/gettyimages-1952026386-1200x800-5b2df79.jpg

Shares of (NYSE: WOLF) jumped on Tuesday, finishing the day up 10.1%. The spike came as the S 500 and Nasdaq Composite gained 0.9% and 0.6%, respectively.

The stock is continuing to gain after its CEO outlined his vision for the company's future in an interview released Friday.

The company's CEO, Robert Feurle, laid out his plan to turn the embattled chipmaker around. In an interview with Triangle Business Journal, Feurle said the key was diversification. Where his predecessor focused almost exclusively on the electric vehicle (EV) market, Feurle made clear he thinks there are several markets for its energy-efficient chips.

Source Fool.com