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Why Wolfspeed Dropped Today

TheMotleyFool

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Why Wolfspeed Dropped TodayPhoto, wide shot, wide-angle lens, Telecom equipment supplier, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/ad10ed87-71d0-4096-a50b-ba9470f8264b.png

Shares of Wolfspeed (NYSE: WOLF), the company formerly known as Cree, were down 10.5% as of 1 p.m. ET on Wednesday.

The semiconductor company, which specializes in silicon carbide materials and devices, had been on an incredible run since late October after posting better-than-expected earnings results. However, the air was let out of the balloon on Wednesday after the company held its annual analyst day. Apparently, the company's longer-term guidance failed to meet stepped-up expectations.

Silicon carbide is a key material in electric vehicles. Image source: Getty Images.

Source Fool.com

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