Why Did Wolfspeed Stock Skyrocket 1,686.78% Today?

Key Points Wolfspeed is canceling its existing common stock and issuing shares of a new stock as part of its bankruptcy. Shareholders of its old stock will be severely diluted. Wolfspeed is slashing its debt, reducing payments by 60%. 10 stocks we like better than Wolfspeed › Shares of Wolfspeed (NYSE: WOLF) saw some unusual activity on Monday, appearing to finish the day up a whopping 1,686.78% as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.3% and 0.5%, respe ...