Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Wolfspeed"


25 mentions found


Wolfspeed jumps on upbeat quarterly forecast
  + stars: | 2023-10-30 | by ( ) www.reuters.com   time to read: +1 min
That facility, which started generating revenue at the end of Wolfspeed's fiscal 2023, contributed $4 million to its third-quarter revenue. The company said it expects second-quarter revenue from continuing operations of between $192 million and $222 million. Net loss widened to $3.22 per share from 21 cents per share a year earlier. Its quarterly revenue of $197.4 million missed analyst expectations of $207.7 million. Reporting by Zaheer Kachwala and Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
Persons: Wolfspeed, Gregg Lowe, Piper Sandler, Zaheer Kachwala, Chavi Mehta, Anil D'Silva Organizations: Thomson Locations: New York, Mohawk, Bengaluru
Check out the companies making the biggest moves in premarket trading:Walmart — Shares added as much as 1% after the big-box retailer raised its full-year forecast and reported an earnings and revenue beat. Adobe — The software company added about 2% after Bank of America upgraded shares to buy from neutral. Hawaiian Electric — The utility company that oversees Maui Electric sank nearly 18% in premarket trading, continuing its slide over concerns of its potential liability in Maui's wildfires. On Wednesday, the Wall Street Journal reported Hawaiian Electric is in talks with firms that specialize in restructuring. VinFast Auto — Shares of the electric vehicle start-up fell nearly 5% in premarket trading as VinFast's stock searches for its level after debuting earlier this week.
Persons: Adobe, Cuban's, Wolfspeed, , Alex Harring, Jesse Pound, Michael Bloom Organizations: Walmart, Refinitv . Revenue, Cisco Systems, postmarket, Refinitiv, Revenue, Adobe, Bank of America, Maui Electric, Wall Street Journal, CVS, California, Drug Company, Amazon Pharmacy, BAE Systems Locations: Williston , Vermont, California
Cisco Systems — Shares of the computer networking giant added 4% after reporting earnings postmarket Wednesday that beat Wall Street's expectations. Adjusted earnings per share for its fiscal fourth quarter came in at $1.14, topping the $1.06 expected from analysts polled by Refinitiv. Revenue was $15.2 billion, compared with the $15.05 billion expected. The company reported adjusted earnings of $1.84 a share, ahead of the $1.71 expected by analysts polled by Refinitiv. Wolfspeed — Shares of the semiconductor developer dropped 16% following the company's earnings report after the bell Wednesday.
Persons: Mark Cuban's, Rosenblatt, Ball, Adyen, Wolfspeed, América, MSCI rebalance, , Jesse Pound, Tanaya Macheel, Alex Harring, Samantha Subin, Michelle Fox Theobald Organizations: Cisco Systems —, Refinitiv, Revenue, Walmart, Refinitiv . Revenue, Street Journal, CVS, Blue, California, CVS Caremark, Amazon Pharmacy, FactSet . Investment, BAE Systems, Nasdaq, VinFast, Citi
Three-Stock Lunch: CHK, CSCO & WOLF
  + stars: | 2023-08-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: CHK, CSCO & WOLFDanielle Shay, Simpler Trading VP of options, joins ‘Power Lunch’ to discuss three stocks: Chesapeake Energy, CISCO and Wolfspeed.
Persons: WOLF Danielle Shay Organizations: Chesapeake Energy, CISCO
NEW YORK, Aug 17 (Reuters) - Wolfspeed Inc (WOLF.N) shares plunged by nearly 21% on Thursday after analysts slashed price targets and sounded a cautious note about the chip maker's profit trends after its disappointing results. At least six brokerages cut their price targets for Wolfspeed shares after the company predicted a larger-than-expected quarterly loss after the market closed on Wednesday. Bank of America, which rates the stock "underperform," cut its price objective on the stock to $49 from $56. Wolfspeed shares were down 16.7% to $44.31 in afternoon trading. Reporting by Chibuike Oguh in New York; editing by Lewis Krauskopf and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.
Persons: Vivek Arya, Wolfspeed, Chibuike Oguh, Lewis Krauskopf, Deepa Babington Organizations: Wolfspeed, Bank of America, Thomson Locations: Mohawk, New York
Chip firm Wolfspeed's shares tank on disappointing forecast
  + stars: | 2023-08-16 | by ( ) www.reuters.com   time to read: +2 min
Its shares fell 14% in extended trading on Wednesday, after the company also forecast quarterly revenue below market estimates. It expects adjusted loss per share to be between 60 cents and 75 cents in the first quarter, compared with analysts' estimate of a 29-cent loss, according to Refinitiv data. The midpoint of its quarterly revenue forecast of $220 million to $240 million was also below expectations of $233.2 million. But "it will be the second half of calendar year 2024 before we see $100 million of quarterly revenue from the fab that the 20% utilization would represent." The company's quarterly adjusted loss per share was 42 cents, compared with a 20-cent loss estimate.
Persons: Wolfspeed, Neill Reynolds, Zaheer Kachwala, Shilpi Majumdar Organizations: Thomson Locations: Siler City, Durham , North Carolina, Mohawk Valley, Bengaluru
Traders work on the floor of the New York Stock Exchange on August 16, 2023 in New York City. Stock futures were near flat on Wednesday night as investors digested the Federal Reserve's latest commentary that future rate hikes are not out of the picture. Futures tied to the Dow Jones Industrial Average added 20 points, or 0.06%. S&P 500 futures traded near the flat line, while Nasdaq 100 futures inched lower by 0.07%. Wolfspeed plunged 14% following the company's fiscal fourth-quarter earnings report, which missed expectations on the bottom line.
Persons: Wolfspeed, Sam Stovall Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Computer, Cisco Systems, Dow, CFRA, Walmart, Ross, Applied, Keysight Technologies, Traders Locations: New York City
Cisco Systems — Shares of the computer networking giant gained about 2.5% after posting fiscal fourth-quarter earnings that beat Wall Street's expectations. The company posted adjusted earnings of $1.14 per share, while analysts had forecast $1.06 per share, according to Refinitiv. Synopsys — The stock advanced 2.3% after the electronic design automation company beat fiscal third-quarter earnings expectations. Synopsys reported adjusted earnings of $2.88 per share, which was 14 cents per share higher than analysts' expectations, according to Refinitiv. Wolfspeed reported $236 million in revenue, however, surpassing analysts' expectations of $223 million, according to Refinitiv.
Persons: Synopsys, Sassine Ghazi, Amcor, VinFast Organizations: Cisco Systems —, Revenue, Wednesday, FactSet, Hawaiian Electric Industries, Electric, Street Locations: Refinitiv, California
US President Joe Biden visits Wolfspeed, a semiconductor manufacturer, in Durham, North Carolina, on March 28, 2023. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)A push to re-shore semiconductor manufacturing in the U.S. has spurred massive spending, and with it, concerns about the size of the skilled workforce. Now, as the shovels hit the ground to begin construction, companies are realizing how difficult it is to find talent. TSMC is bringing in workers from Taiwan to handle the high-tech equipment and train U.S. workers. The Arizona Pipe Trades 469 union has helped fund a website called "Stand with American Workers" accusing TSMC of overlooking Arizona workers in favor of Taiwanese counterparts in an attempt to "exploit cheap labor."
Persons: Joe Biden, Wolfspeed, Jim WATSON, JIM WATSON, Brian Harrison, Harrison, TSMC, that's Organizations: Getty, Taiwan Semiconductor Manufacturing Company, Arizona Pipe, American Locations: Durham , North Carolina, AFP, U.S, United States, Arizona, Taiwan
The law also prohibits funding recipients from expanding semiconductor manufacturing in China or other countries deemed a national security risk by the United States government. A year after President Joe Biden signed the CHIPS and Science Act into law, the U.S. semiconductor industry is still waiting on the windfall. The potential for federal funding has spurred some potential huge investments in the semiconductor sector. "The back-end semiconductor manufacturing sector that Integra participates in, operates on very thin margins that just don't make it possible without the CHIPS Act support to do this," Integra CEO Brett Robinson said. Intel, Taiwan Semiconductor Manufacturing Co. and silicon carbide producer Wolfspeed have all hired workers and started construction despite not receiving any federal CHIPS Act funding.
Persons: Raimondo, Gina Raimondo, Joe Biden, Brett Robinson, Robinson, Tom Sonderman, I've, Brian Harrison, It's Organizations: Department of Commerce, United, UAW, Integra Technologies, Integra, SkyWater Technology, of Commerce, Intel, Taiwan Semiconductor Manufacturing Co, Commerce Department Locations: America, China, United States, U.S, Taylor , Michigan, Wichita , Kansas, West Lafayette , Indiana, Arizona
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWolfSpeed CEO Gregg Lowe on government support for American-made semiconductor techCNBC's Kristina Partsinevelos speaks with WolfSpeed CEO Gregg Lowe discusses the CHIPS Act and the prospect of bringing more semiconductor manufacturing to America.
Persons: Gregg Lowe, Kristina Partsinevelos Locations: America
Germany spends big to win $11 billion TSMC chip plant
  + stars: | 2023-08-08 | by ( ) edition.cnn.com   time to read: +4 min
Taiwanese chipmaker TSMC on Tuesday committed 3.5 billion euros ($3.8 billion) to a factory in Germany, its first in Europe, taking advantage of huge state support for the $11 billion plant as the continent seeks to bring supply chains closer to home. TSMC said it would invest up to 3.499 billion euros into a subsidiary, European Semiconductor Manufacturing Company (ESMC), of which it will own 70%. The factory will cost around 10 billion euros in total. “There is going to be a real ecosystem for semiconductor manufacturing in Germany,” he said. TSMC said in a statement after a board meeting that approved the German investment that it had also approved a capital injection of not more than $4.5 billion for the Arizona plant as part of the overall $40 billion investment.
Persons: TSMC, Olaf Scholz, Michael Kretschmer, ” Kretschmer, Germany’s, NXP, Robert Habeck, , “ It’s Organizations: European Union, Intel, Taiwan Semiconductor Manufacturing, Germany, Semiconductor Manufacturing Company, Germany’s Bosch, Infineon, Semiconductor, EU, Sony Locations: Germany, Europe, Taiwan, China, Asia, United States, Dresden, Saxony, ” Saxony, Netherlands, Ukraine, Arizona, Japan
Germany, which has been courting the world's largest contract chipmaker since 2021, will contribute up to 5 billion euros to the factory in Dresden, capital of the eastern state of Saxony, German officials said. "There is going to be a real ecosystem for semiconductor manufacturing in Germany," said economy minister Robert Habeck. VOTE OF CONFIDENCETSMC said it would invest up to 3.499 billion euros into a subsidiary, European Semiconductor Manufacturing Company (ESMC), of which it will own 70%. Semiconductor makers Intel (INTC.O) and Wolfspeed (WOLF.N) have already taken advantage of the subsidies on offer to set up shop in Germany. TSMC said in a statement after a board meeting that approved the German investment that it had also approved a capital injection of not more than $4.5 billion for the Arizona plant as part of the overall $40 billion investment.
Persons: Robert Habeck, TSMC, Germany's Bosch, Habeck, Ben Blanchard, Thomas Escritt, Louise Heavens, Mark Potter Organizations: Taiwan Semiconductor Manufacturing, European Union, Semiconductor Manufacturing Company, Infineon, Semiconductor, Intel, EU, Sony, Thomson Locations: Dresden, Arizona, TAIPEI, BERLIN, Germany, Europe, Taiwan, China, Asia, United States, Saxony, Netherlands, Ukraine, U.S, Japan
Taiwan Semiconductor Manufacturing Company's (TSMC) logo is seen while people attend the opening of the TSMC global R&D center in Hsinchu, Taiwan July 28, 2023. REUTERS/Ann Wang/File PhotoBERLIN, Aug 7 (Reuters) - Taiwanese semiconductor manufacturer TSMC's (2330.TW) board of directors will decide in favour of building a factory in the German city of Dresden, the Handelsblatt daily reported on Monday, citing government sources. The German government will support the construction of the factory with 5 billion euros ($5.49 billion), according to the sources. TSMC, the world's largest contract chipmaker, has been in talks with the German state of Saxony since 2021 about building a fabrication plant, or "fab", in Dresden. It will operate the factory in a joint venture with partners Bosch (ROBG.UL), Infineon (IFXGn.DE) and NXP (NXPSM.UL), the sources told Handelsblatt.
Persons: Ann Wang, Bosch, Handelsblatt, Miranda Murray, Friederike Heine Our Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Infineon, European, Intel, Thomson Locations: Hsinchu, Taiwan, German, Dresden, Saxony, Berlin, Europe, Brussels
North Carolina Gov. North Carolina ranks first in the all-important Workforce category of CNBC's study. Strong workers fuel GDP, solid state finances North Carolina's strong workforce helped feed its performance in other categories. "It's clear that the Republican legislature is aiming to choke the life out of public education," Cooper said on May 24. Abortion rights demonstrators gather to protest in Raleigh, North Carolina, after the Supreme Court's decision in the Dobbs v. Jackson Women's Health case, June 24, 2022.
Persons: Bosch, Roy Cooper, Joe Biden's, Melissa Sue Gerrits, Josh Wright, Charlotte, it's, You've, Wright, Cooper, Tricia Cotham, Cotham Organizations: State, Business, North Carolina, CNBC, North Carolina Gov, Getty, Apple, Triangle, Democrat, Raleigh, U.S . Labor Department, Commerce Department, Federal Housing Financing Agency, Census, ATTOM Data, Technology, Innovation, Capital, Republican, Republicans, General, Jackson, Anadolu Agency Locations: North Carolina, Lincolnton, Greensboro, Goldsboro, American, Durham, Wolfspeed, Durham , North Carolina, East Coast, America, Alaska, Massachusetts, North, Raleigh , North Carolina, Dobbs
SummarySummary Companies UPS slips after Teamsters say it walked away from talksModerna climbs on deal to develop mRNA medicines in ChinaChip stocks slide on China's export curbsFed minutes awaited at 2:00 p.m. ETFutures down: Nasdaq 0.51%, S&P 0.42%, Dow 0.42%July 5 (Reuters) - Wall Street futures fell on Wednesday as investors awaited minutes of the Federal Reserve's June meeting for clues on the central bank's monetary policy path, while Sino-U.S. tensions and weak economic data from Beijing dented sentiment. Investors are focused on the Fed minutes, expected to be released around 2 p.m. More economic data, including the non-farm payrolls report on Friday, is scheduled for release this week. ET, Dow e-minis were down 146 points, or 0.42%, S&P 500 e-minis were down 19 points, or 0.42%, and Nasdaq 100 e-minis were down 78 points, or 0.51%.
Persons: Ipek Ozkardeskaya, Goldman Sachs, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Vinay Dwivedi Organizations: Moderna, Dow, Wall, Sino, Microsoft, Investors, Fed, Swissquote Bank, Traders, Nvidia, Micron Technology, Netflix, Wolfspeed Inc, Renesas Electronics Corp, Tesla, Dow e, Nasdaq, United Parcel Service, Teamsters, Rivian, Thomson Locations: China, U.S, Beijing, Washington, Germany, Bengaluru
Investors are focused on the Fed minutes, expected to be released around 2 p.m. Bets for a 25-basis-point rate hike in July stood at 83%, while traders have priced in a 32% chance the U.S. central bank would deliver another hike by October, according to Refinitiv data. "Stocks have accounted for another 25 basis point rate hike when the Fed meets later this month, but a lot of people are divided on whether or not there's going to be another rate hike (after July)." More economic data, including the non-farm payrolls report on Friday, is scheduled for release later this week. Declining issues outnumbered advancers by a 3.73-to-1 ratio on the NYSE and a 2.24-to-1 ratio on the Nasdaq.
Persons: Robert Pavlik, Goldman Sachs, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Vinay Dwivedi Organizations: Netflix, Dow, Nasdaq, Sino, Dakota Wealth, Fed, Traders, U.S, Nvidia, Micron Technology, Semiconductor, SOX, Renesas Electronics Corp, Tesla, Dow Jones, United Parcel Service, Teamsters Union, Moderna, NYSE, Thomson Locations: China, U.S, Beijing, Washington, Philadelphia, Bengaluru
Meta Verified displayed on mobile with Meta on screen, seen in this photo illustration, on February 27, 2023 in Brussels, Belgium. Meta Platforms — Shares of the social media giant rose more than 2% even after a European Court ruled against Meta in an anti-trust case on Tuesday. Moderna – The Massachusetts-based biotechnology company added 2.1% after announcing it reached an agreement with officials to manufacture and develop mRNA medicines in China. General Motors — The legacy automaker added climbed nearly 1% after the company said U.S. sales increased 18.8% in the second quarter. The union said in a statement Wednesday that talks had collapsed after UPS "walked away" from negotiations.
Persons: Meta, Coinbase, Piper Sandler, Coinbase hasn't, , General Motors, Donald Trump, Samantha Subin, Tanaya Macheel, Michelle Fox, Hakyung Kim, Jesse Pound, Alex Harring Organizations: Meta, Twitter, Renesas Electronics, Moderna, General, Equity Investment, Brookfield, United Parcel Service, Teamsters, UPS, Securities and Exchange Commission, SEC Locations: Brussels, Belgium, The Massachusetts, China
June 26 (Reuters) - Wolfspeed (WOLF.N) said on Monday that a group led by Apollo Global Management (APO.N) would make a debt investment of $1.25 billion in the chipmaker, with room for an additional $750 million, to support its U.S. expansion. Wolfspeed CEO Gregg Lowe said the financing would help "scale up near-term operations at our Mohawk Valley Fab and construction of our Siler City materials facility to help us capture the growing silicon carbide market opportunity." The company in September last year had announced a multi-billion-dollar investment in a factory in Chatham County, North Carolina to make raw materials for chips that power electric vehicles, among other things. The company has the option to pay the debt early, Wolfspeed said. (This story has been refiled to add dropped word in the headline)Reporting by Jaspreet Singh in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons: Gregg Lowe, Wolfspeed, Jaspreet Singh, Vinay Dwivedi Organizations: Apollo Global Management, Thomson Locations: Siler City, Chatham County , North Carolina, Bengaluru
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew trend sees public borrowers turning to private credit for capitalCNBC's Leslie Picker joins 'The Exchange' to discuss public companies turning to private credit, Wolfspeed's two billion dollar deal with Apollo Global, and a larger risk appetite in private credit.
Persons: CNBC's Leslie Picker Organizations: Apollo Global
June 25 (Reuters) - A group of investors led by Apollo Global Management (APO.N) is making a debt investment between $1 billion to $2 billion in chipmaker Wolfspeed (WOLF.N) to support its expansion in the U.S., media outlets reported on Sunday. The financing would make $1.25 billion of cash available immediately to Wolfspeed, while another $750 million could be drawn later, Bloomberg News reported. The report added it was structured as seven-year secured notes carrying a coupon of 9.875% and can be paid back after three years. Apollo Global Management and Wolfspeed did not immediately respond to requests for comment. Reporting by Chandni Shah in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
Persons: Wolfspeed, Chandni Shah, Lisa Shumaker Organizations: Apollo Global Management, Bloomberg News, Thomson Locations: U.S, Wolfspeed, Chatham County , North Carolina, Bengaluru
June 11 (Reuters) - Germany's Finance Minister Christian Lindner is refusing Intel's (INTC.O) demands for higher subsidies for a 17-billion-euro ($18-billion) chip plant, saying the country could not afford it, the Financial Times reported on Sunday. "There is no more money available in the budget," the newspaper quoted Lindner as saying in an interview. The company was due to receive 6.8 billion euros in government support for its fabrication plant in Germany. However, due to higher energy and construction costs, it is now demanding about 10 billion euros, the newspaper reported. ($1 = 0.9305 euros)Reporting by Anirudh Saligrama in Bengaluru; Editing by Michael Perry and William MallardOur Standards: The Thomson Reuters Trust Principles.
Persons: Christian Lindner, Lindner, Taiwan's TSMC, Anirudh, Michael Perry, William Mallard Organizations: Germany's Finance, Financial Times, Intel, Thomson Locations: Germany, German, Magdeburg, Europe, Ireland, Italy, France, U.S, Bengaluru
But the materials are expensive and still face supply bottlenecks compared with the cheaper standard silicon used in most chips. The company has previously raised funding from semiconductor manufacturing equipment maker Applied Materials (AMAT.O). iDEAL has partnered with Bloomington, Minnesota-based chip manufacturer Polar Semiconductor to make its first chips and is planning to roll them out later this year. Granahan said silicon carbide chips can still beat iDEAL's for certain applications including the extremely high voltage chips needed for applications such as electric semi trucks. But he said iDEAL's chips could be competitive for about 90% of the overall market for power chips.
Several regional banks saw insiders buy shares over the past seven days, according to VerityData. Insider buying is tracked by some professional investors as a potential sign of company quality. Here are the five U.S. companies with the biggest insider buying over the past week, according to VerityData. Buying the dip was a theme of all of the top five insider buying companies. See more about Insider Buying on CNBC's " Last Call ," weekdays at 7 p.m.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: On holding is an 'exciting new company', says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Big Lots, Sempra, On Holding, Alibaba, Wolfspeed, Super Micro Computer, IONQ, Rogers Communication, New Residential, and Phantom Pharmaceuticals.
Total: 25