Wolfspeed Inc (NYSE:WOLF) shares are trading sharply higher Monday morning, extending volatility that began last week despite a lack of new company-specific announcements for the session. Monday’s move follows a series of strategic moves by the company last week.
What To Know: Last week, Wolfspeed initiated a pre-packaged Chapter 11 filing, a move met with strong investor optimism. The company's restructuring plan is set to erase approximately $4.6 billion in debt, a 70% reduction, and slash annual cash interest payments by 60%. This financial overhaul is designed to accelerate the company’s path to profitability.
Fueling the rally was last Monday’s announcement of Gregor van Issum as the new Executive Vice President and Chief Financial Officer, effective September 1. Van Issum, a veteran of the semiconductor industry with experience at ams-OSRAM and NXP Semiconductors, is seen as a critical addition to guide Wolfspeed through its transformation.
Wolfspeed expects to emerge from the restructuring process by the end of the third quarter while continuing normal operations and deliveries to its customers.
Price Action: According to data from Benzinga Pro, WOLF shares are trading higher by 7.89% to $1.43 Monday morning. The stock has a 52-week high of $25.20 and a 52-week low of $0.39.
How To Buy WOLF Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Wolfspeed’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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