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&P 500 index fell 0.3%, and the Nasdaq Composite index fell 0.1%.Image source: Getty Images.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. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool