The City of Fort Worth, Texas, is ending its contract with Synagro, a provider of fertilizer made from sewage sludge, due to concerns over “forever chemicals” contaminating local farmland and groundwater. Fort Worth has also sued manufacturers of the chemicals, known as PFAS, alleging water supply contamination. Synagro denies responsibility and faces a criminal investigation, while Fort Worth is working on new biosolids contracts.
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Why Wolfspeed Plunged Today
Shares of Wolfspeed (NYSE: WOLF), a silicon carbide chip manufacturer, saw a significant drop of 34.4% following the announcement of its plans to file for Chapter 11 bankruptcy to restructure its substantial debt. This decision follows earlier funding challenges due to the government not providing an anticipated CHIPS Act subsidy, though it seems equity holders may still retain some value in the company. Explain It To Me Like I'm 5: Wolfspeed, a company that makes...
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