Wolfspeed jumps after lowering capital expenditures forecast, job cuts announcement

Shares of chipmaker Wolfspeed WOLF.N rise 12.3% to $5.64

WOLF is reducing its headcount by about 180 employees, primarily in materials operations, at locations in Durham and Siler City

Company now expects fiscal 2026 capital expenditures of about $150 mln to $200 mln vs. prior expectations of $200 mln to $600 mln

Targets fiscal 2027 capital expenditures of about $30 mln to $50 mln vs. analysts' average estimate of $325.2 mln, according to data compiled by LSEG

Up to the last close, stock had fallen ~81% over the past 12 months