Moody’s Ratings placed credit on review for a possible downgrade due to fears that a strike will impact free cash flow, while Fitch Ratings criticized the timing of the strike. S&P, however, stated that their ratings are not immediately affected by the strike.
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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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