Shares of (NYSE: WOLF) are spiking on Tuesday. The chipmaker's stock was up 11.3% as of 12:42 p.m. ET, as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were relatively flat.

Wolfspeed's stock is continuing its run-up after yesterday's news that the company had hired a new chief financial officer (CFO) to help the troubled company through its bankruptcy.

Wolfspeed announced yesterday that effective Sept. 1, Gregor Van Issum will join the company as its new CFO. This is a critical move at an extremely delicate time for Wolfspeed. Last month, the company was forced to file for bankruptcy as its debts mounted and revenues shrank.

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Source Fool.com