Wolfspeed Stock Plunges 59% On Bankruptcy Fears: Options Traders Cash In

Wolfspeed, Inc. (NYSE:WOLF) shares plunged on Wednesday following a report that the company is preparing to file for Chapter 11 bankruptcy protection as it struggles with a mountain of debt. Unusual options activity was spotted Tuesday afternoon before the report was released. What To Know: A Wall Street Journal report released after the closing bell on Tuesday triggered a massive sell-off that continued throughout Wednesday's session. Notably, options traders bought a large volume of put options on Wolfspeed ahead of the reports of a bankruptcy. Read Next: Health Care Stocks Like UnitedHealth, CVS Tank On Wednesday: Here’s WhyIn fact, Tuesday's net premium was negative $3.7 million. Traders spent $3.7 million more ...Full story available on Benzinga.comWeiter zum vollständigen Artikel bei Benzinga Weiter zum vollständigen Artikel bei Benzinga