Why did chipmaker Wolfspeed forecast revenue below estimates?

Chipmaker Wolfspeed forecast current-quarter revenue below estimates on Wednesday as automakers grapple with high inventory levels due to slower-than-expected EV sales growth. DURHAM, N.C.-- (BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF) today announced its results for the third quarter of fiscal 2024.

Is Wolfspeed Inc a good stock to buy in 2023?

Wolfspeed Inc. was the only stock in the Philadelphia Stock Exchange semiconductor index to decline in 2023. Photo by JIM WATSON/AFP via Getty Images files In one of the best years on record for semiconductor stocks, Wolfspeed Inc. managed to lose more than a third of its value and most on Wall Street aren’t betting on a quick turnaround in 2024.

Where do Cree & Wolfspeed shares trade?

Cree Inc shares previously traded on the Nasdaq Global Select Market, and newly renamed North Carolina-based Wolfspeed now will trade on the New York Stock Exchange under the ticker "WOLF." The change comes as Wolfspeed has reoriented its business to the growing market for electric cars.