Why Wolfspeed Stock Imploded on Friday
Do investors hate Wolfspeed's new CEO, or Wolfspeed itself?
Friday is looking like a lousy day to own stock in Wolfspeed (NYSE: WOLF) -- and nobody seems to know why.
Thursday evening, the maker of silicon carbide semiconductor chips for power transfer announced it has chosen chip industry veteran Robert Feurle, who previously worked at companies such as Micron Technology, Infineon Technologies, and most recently ams OSRAM, to become its new CEO, replacing interim Executive Chairman Thomas Werner (who will continue in his role as chairman of the board).
The company had no other news of note -- yet as of 10:30 a.m. ET, Wolfspeed stock is down a dramatic 49.5%.
