Wolfspeed Put Options Surge Before Report on Bankruptcy Plans
Traders ramped up bearish bets Tuesday on Wolfspeed Inc., before the Wall Street Journal reported after regular market hours that the ailing chip component maker is preparing to file for bankruptcy protection within weeks.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNN
30 minutes ago
- CNN
Bernie Sanders: Trump ‘wants all the power'
Bernie Sanders: Trump 'wants all the power' Senator Bernie Sanders (I-VT) criticized President Donald Trump's decision to deploy National Guard troops in Los Angeles, claiming that Trump 'wants all of the power' and is rapidly moving the US 'into authoritarianism.' 00:58 - Source: CNN See reactions to the Trump-Musk feud See some reactions to the intense public feud that erupted between President Donald Trump and his one-time ally, billionaire Elon Musk. 01:05 - Source: CNN Trump on Musk: 'The poor guy's got a problem' In a phone call with CNN's Dana Bash, President Donald Trump said he is 'not even thinking about' billionaire Elon Musk and won't be speaking to him in the near future. The comments come a day after Trump and Musk traded barbs on social media as their relationship deteriorated in spectacular public fashion. 00:43 - Source: CNN Trump and Musk escalate public feud An intense public feud erupted between President Donald Trump and his one-time ally, billionaire Elon Musk, with an argument about Trump's massive tax and domestic policy bill raging across social media and in the Oval Office. CNN's senior White House correspondent Kristen Holmes reports. 03:03 - Source: CNN Kara Swisher on the 'nuclear' feud between Trump and Musk CNN's Anderson Cooper talks with Kara Swisher about the stunning public feud between President Donald Trump and Elon Musk. 01:30 - Source: CNN German leader on 'terrible' impact of Trump's tariffs In an interview with CNN's Jake Tapper, German Chancellor Friedrich Merz talks about the impact President Trump's tariffs are having on the auto industry. 01:13 - Source: CNN Curtis Yarvin is inspiring a new generation of MAGA CNN's Hadas Gold interviews anti-democracy author Curtis Yarvin about his argument for an all-powerful executive in the White House. 02:24 - Source: CNN DNC Trolls Trump with Taco Truck The Democratic National Committee parked a taco truck outside the RNC headquarters in Washington DC Tuesday, as a way to troll the president over an acronym created by a Financial Times commentator about the president's frequent walk backs and pauses to his tariff's. 00:52 - Source: CNN Musk calls Trump's bill 'disgusting abomination' Elon Musk lashed out at President Donald Trump's agenda bill — which the president is pressuring GOP senators to support — calling it a 'disgusting abomination.' CNN's Kaitlan Collins reports. 00:59 - Source: CNN ICE chief defends agents wearing masks during immigration raids Acting ICE Director Todd Lyons is defending federal immigration agents for wearing masks during raids across the US, citing safety concerns. The tactic has sparked backlash and raised questions about transparency and accountability. 00:58 - Source: CNN Dana Bash presses Trump's budget chief about cancer cuts CNN's Dana Bash presses Office of Management and Budget Director Russ Vought on the Trump administration's proposal to cut non-defense spending by more than 22% — including deep reductions to education, food assistance, and billions in cancer research funding. As Vought defends the cuts and criticizes the NIH, Bash challenges him on the real-world impact to life-saving medical research. 01:35 - Source: CNN Trump reacts to video of Macron's apparent shove from wife President Trump was asked by reporters about the viral video appearing to show French President Emmanuel Macron being pushed by his wife Brigitte as they disembarked from a plane in Vietnam. Macron, at the time, quickly dismissed the video. 00:34 - Source: CNN Trans high school athlete wins events amid controversy A transgender athlete, whose participation sparked a national controversy and a temporary rule change, took first place in two of her three events in the California High School Track and Field Championship. 01:09 - Source: CNN South Carolina voter says 'no' to moving center South Carolina has often bucked the electoral trend – voting for candidates who lost in Iowa or New Hampshire and thus helping pick which candidate will move on to the general election. CNN's Jeff Simon spoke to multiple voters at a Democrat dinner in Columbia, South Carolina about the party's leadership and future. 01:25 - Source: CNN Hegseth warns 'threat China poses is real' US Defense Secretary Pete Hegseth, speaking to Asia's premier defense forum in Singapore, delivered a dire warning to the world: China's designs on Taiwan pose a threat to global peace and stability that requires 'our allies and partners do their part on defense.' While Hegseth made clear that Washington does not seek conflict with China, he stressed the Trump administration would not let aggression from Beijing stand. 00:50 - Source: CNN GOP senator pressed on Medicaid in heated town hall GOP Sen. Joni Ernst faced concerns from town hall attendees over potential cuts to Medicaid and SNAP programs as a result of President Donald Trump's sweeping domestic policy bill, saying at one point, 'Well, we all are going to die,' and insisting that those who are eligible for Medicaid will continue to receive payments. 01:12 - Source: CNN Fareed Zakaria breaks down Trump's tariff battle CNN's Fareed Zakaria breaks down what's going on with President Donald Trump's battle with the Supreme Court over tariffs. 00:58 - Source: CNN President Trump's timeline for things seems to almost always be 'in two weeks' President Donald Trump told reporters it will take about 'two weeks' to determine whether Russian President Vladimir Putin is serious about ending the war in Ukraine. That two week timeline, CNN's Abby Phillip says, is a familiar one. 01:48 - Source: CNN President Trump is on a pardoning spree President Donald Trump used his pardon power to grant clemency to a wave of individuals who had been convicted of crimes that range from public corruption, guns and even maritime-related offenses, according to multiple officials. CNN's Kaitlan Collins reports. 00:53 - Source: CNN Trump responds to Wall Street term 'TACO': Trump Always Chickens Out President Donald Trump was asked about "TACO," an acronym that means "Trump Always Chickens Out," which is used by Wall Street workers for his on-and-off approach to tariffs. Calling it "the nastiest question," Trump defended his tariff policy by calling it "negotiation." 01:13 - Source: CNN Harvard students and faculty speak out against Trump Harvard students and faculty spoke to CNN ahead of commencement as Donald Trump said the university should cap foreign enrollment. The Trump administration has recently sought to cancel $100 million in contracts with the school. 02:03 - Source: CNN
New York Times
an hour ago
- New York Times
President Trump to golf with SEC commish, Notre Dame AD as college leaders seek federal help
SEC commissioner Greg Sankey and Notre Dame athletic director Pete Bevacqua were scheduled to play golf with President Donald Trump at his course in New Jersey on Sunday as college sports leaders continue to look to the federal government for support. Two people briefed on the meeting confirmed the president's plans to The Athletic, speaking on condition of anonymity because they had not been authorized to speak publicly. Yahoo! Sports first reported about the golf outing. Advertisement Sankey is the longest tenured power conference commissioner and a longtime policy shaper at the NCAA and national level. Bevacqua leads the athletic department of one of the most prominent schools in college sports. The former television executive was previously the CEO of the PGA of America and has a prior relationship with the president going back to the days before he became a politician; the tour regularly played tournaments at Trump National Golf Club in Bedminster, N.J. The meeting comes two days after a federal judge approved a $2.8 billion antitrust lawsuit settlement that will pave the way for colleges and universities to directly pay their athletes for the first time. But the rules and regulations laid out in the terms of the agreement are still vulnerable to legal and political attacks. College sports leaders have been lobbying lawmakers on Capitol Hill for legislation to pre-empt myriad state laws that have created a patchwork of rules regarding athlete compensation, address athletes' employment status and provide some antitrust protection for the NCAA and its conferences. Now with the settlement of House v. NCAA in place, lawmakers have a structure to build upon — if they can come to agreement on a bill. Trump has indicated he would like to help facilitate a federal solution for college sports, possibly with an executive order. Plans were in the works for a presidential commission on college sports led by billionaire businessman Cody Campbell, a prominent Texas Tech booster, and former Alabama coach Nick Saban. The commission is currently on hold as lawmakers in the Senate, led by Republican Ted Cruz of Texas and Democrat Cory Booker of New Jersey, work on what they hope will be a bipartisan bill. Another hearing on college sports and how athletes are compensated for name, image and likeness is scheduled for later this week in the House Energy and Commerce Committee. (Photo of Pete Bevacqua and Donald Trump in 2014: Mike Stobe / Getty Images for PGA of America)
Yahoo
an hour ago
- Yahoo
Hedge Funds Face California Rebuke Over Role in Wildfire Claims
(Bloomberg) -- Hedge funds are facing pushback in California as their bets tied to insurance claims stemming from the Los Angeles wildfires are attacked as unethical. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The transactions in focus are tied to so-called subrogation claims, which hedge funds, private equity firms and other alternative investment managers have been buying from insurers over the past few months. Subrogation kicks in if a third party such as a utility is suspected of being responsible for losses covered by insurers. Hedge funds buying these claims from insurers are now under attack from the California Earthquake Authority, which is the administrator of the California Wildfire Fund. It has described such transactions as 'opportunistic, profit-driven investment speculation,' and says it's planning to take on 'hedge funds and other speculators' that it claims 'are actively seeking to profit from California's devastating wildfire catastrophes.' In practice, that means the authority will try to block the payout of what it says could end up being 'billions of dollars' to the investors that bought the claims, according to materials prepared ahead of a meeting that took place last month with the California Catastrophe Response Council, which oversees the fund. To that end, it plans to engage California's state legislature, according to a transcript of comments made during the meeting and seen by Bloomberg. A spokesperson for the authority declined to comment. Bradley Max, a director at Cherokee Acquisition, a New York-based investment bank that trades and invests in subrogation claims, says the development has 'put a chill on bidding,' which is already visible in pricing. Subrogation rights tied to the Eaton Fire that ripped through Southern California in January were trading as high as 50 cents on the dollar at one point, but have now dropped 'at least a few points lower,' Max said. Still, even though the political development has led to lower prices on the subrogation claims, it hasn't held back transactions, he said. Cherokee said in April it had brokered deals linked to the Los Angeles fires for 'larger, more sophisticated distressed debt hedge funds.' And by April 15, investment bank Oppenheimer & Co. Inc. had executed 10 transactions tied to the Eaton and Palisades fires totaling over $1 billion worth of recovery rights, Ronald Ryder, co-head of special assets at Oppenheimer, told the California Earthquake Authority. That includes over $125 million in claims traded in just one day, Ryder wrote. A spokesperson for Oppenheimer declined to comment. Cherokee didn't name the hedge funds for which it brokered deals. In an email to the California Earthquake Authority, Ryder said that as catastrophic weather events become 'more prevalent,' insurers are increasingly resorting to 'recovery subrogation in the secondary market to fortify the balance sheet.' There's a growing consensus that insurers can't cover the rising costs of weather-related catastrophes alone, especially as climate change fuels more extreme events. For that reason, the industry is looking for ways to shift part of its financial risk over to capital markets, with alternative asset managers often the only investor class willing to step in. Efforts to prevent investors from profiting from the subrogation claims they've bought represent 'a politically motivated attempt to not pay legitimate obligations,' Max at Cherokee said. They're 'trying to beat up deep-pocketed hedge funds, despite the ethical and legal implications,' he said. Recovery of subrogation claims is costly and can take years to play out, which is why insurers have started selling them in exchange for an upfront cash payment. The hedge funds buying them are betting that the recovery sum at the end of the process will exceed the amount they paid the insurer to buy the claim. The market for investing in subrogation claims is characterized by over-the-counter deals with little to no transparency. Subrogation deals had a seminal moment more than half a decade ago, when faulty power lines and equipment failures at California utility PG&E Corp. were blamed for wildfires in the state. Back then, hedge fund Baupost Group LLC purchased claims against PG&E worth $6.8 billion. Bloomberg has previously reported that Baupost may have generated an estimated $1 billion of profits. The California Wildfire Fund, which is administered by the state's Earthquake Authority and overseen by the California Catastrophe Response Council, was set up in 2019 to help reimburse claims arising from wildfires caused by utility companies. If hedge funds prevail in their subrogation claims, some of the money could end up coming from the California Wildfire Fund. The fund, which sits on about $13 billion in liquid assets, is partly capitalized by three utilities — San Diego Gas & Electric Co., Edison International's Southern California Edison and PG&E. While the cause of the January fires remains under investigation, it's already clear that the Eaton Fire started inside the service territory of Edison and therefore leaves the fund potentially exposed, the authority said. With current estimates for insured losses as high as $45 billion, the January Southern California wildfires are expected to be the costliest in US history, according to the California Earthquake Authority. The Earthquake Authority and Catastrophe Response Council are now reviewing claims and administration procedures as they take the matter to the state legislature. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P.
