Shares of Wolfspeed (NYSE: WOLF), the company formerly known as Cree, were down 10.5% as of 1 p.m. ET on Wednesday.
The semiconductor company, which specializes in silicon carbide materials and devices, had been on an incredible run since late October after posting better-than-expected earnings results. However, the air was let out of the balloon on Wednesday after the company held its annual analyst day. Apparently, the company's longer-term guidance failed to meet stepped-up expectations.
Silicon carbide is a key material in electric vehicles. Image source: Getty Images.
Source Fool.com