Wolfspeed (NYSE: WOLF) stock is seeing massive gains in Monday’s trading. The company’s share price is up 96.6% as of 1 p.m. ET despite the S&P 500 and Nasdaq Composite indexes being down 1% and 0.9%, respectively, at the same point.
Before the market opened this morning, the silicon-carbide specialist announced that it had named Gregor van Issum as its next chief financial officer. The news prompted the stock to rocket higher, and it was up as much as 122.2% before 1 p.m.
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