(NYSE: WOLF) stock is plunging in Thursday's trading. The silicon-carbide (SiC) company's share price was down 15.8% as of 2 p.m. ET. At the same point in the day's trading, the S 500 and the Nasdaq Composite were down 0.4% and 0.9%, respectively.

In addition to bearish momentum impacting the broader market, Wolfspeed stock is getting hit with sell-offs connected to its latest quarterly update. While sales and earnings performance actually topped Wall Street's expectations, the company issued disappointing guidance.

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Source Fool.com