Why Is Wolfspeed Stock Jumping Today?

Shares of Wolfspeed (NYSE: WOLF) are jumping on Tuesday, up 5.8% as of 3:06 p.m. ET. The spike comes as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 0.4% and 0.6%, respectively.After a brief correction yesterday, the chipmaker's stock is moving up once again amid a weeklong 115% surge, spurred by news that the company is close to exiting Chapter 11 bankruptcy.Last week, a bankruptcy court said that it was satisfied with Wolfspeed's plan to eliminate $4.6 billion in debt, paving the way for the embattled chipmaker to exit bankruptcy. The plan will result in a 70% reduction in the company's total debt and a 60% decrease in annual interest expenses. Wolfspeed officially filed for Chapter 11 bankruptcy on June 30 due to mounting debt that made it impossible to operate normally.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool