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Time of India
10-05-2025
- Automotive
- Time of India
Chipmaker Wolfspeed shares fall 23% as slowing EV sales hit annual revenue forecast
Chipmaker Wolfspeed 's shares fell 23% on Friday after it raised going-concern doubts and forecast weaker-than-expected annual revenue as it grapples with slowing electric-vehicle demand amid economic uncertainty. The company is squeezed between sluggish demand in the industrial and automotive markets, while rival Chinese manufacturers such as Sicc Co and EpiWorld International are gaining ground with inexpensive wafers, which are thin slices of semiconductor material used to make chips. Wolfspeed's customers are also grappling with tariff-induced uncertainty, with General Motors trimming its 2025 profit forecast, while Mercedes-Benz had pulled its earnings outlook for 2025. Its departing CFO Neill Reynolds said in a post-earnings call that the company may need to pursue in-court options to renegotiate its debt and that "going concern" language could be added to the quarterly filing. Wolfspeed included the risk of "substantial doubt about the company's ability to continue as a going concern" in another regulatory filing on Thursday. The company will cut its senior leadership team by 30%, its executive chairman Thomas Werner said. It forecast 2026 revenue below market estimates. Wolfspeed's shares have fallen about 33% so far this year, after losing about 85% of their value in 2024. "Difficulties refinancing the debt, continued cash burn and slowing demand in materials increased the specter of bankruptcy and will depress the stock for the foreseeable future," Charter Equity Research said. Wolfspeed was set to lose more than $150 million from its market value of $689.2 million, if losses hold. It said it expects to receive $600 million of cash tax refunds during fiscal 2026 under the Chips and Science Act. But the future of the Biden-era legislation that promised subsidies for domestic chip manufacturing remains uncertain after U.S. President Donald Trump's administration called on lawmakers to repeal the federal funding.
Time of India
09-05-2025
- Automotive
- Time of India
Chipmaker Wolfspeed shares fall 23% as slowing EV sales hit annual revenue forecast
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Chipmaker Wolfspeed 's shares fell 23% on Friday after it raised going-concern doubts and forecast weaker-than-expected annual revenue as it grapples with slowing electric-vehicle demand amid economic company is squeezed between sluggish demand in the industrial and automotive markets, while rival Chinese manufacturers such as Sicc Co and EpiWorld International are gaining ground with inexpensive wafers, which are thin slices of semiconductor material used to make customers are also grappling with tariff-induced uncertainty, with General Motors trimming its 2025 profit forecast, while Mercedes-Benz had pulled its earnings outlook for departing CFO Neill Reynolds said in a post-earnings call that the company may need to pursue in-court options to renegotiate its debt and that "going concern" language could be added to the quarterly included the risk of "substantial doubt about the company's ability to continue as a going concern" in another regulatory filing on company will cut its senior leadership team by 30%, its executive chairman Thomas Werner said. It forecast 2026 revenue below market shares have fallen about 33% so far this year, after losing about 85% of their value in 2024."Difficulties refinancing the debt, continued cash burn and slowing demand in materials increased the specter of bankruptcy and will depress the stock for the foreseeable future," Charter Equity Research was set to lose more than $150 million from its market value of $689.2 million, if losses said it expects to receive $600 million of cash tax refunds during fiscal 2026 under the Chips and Science the future of the Biden-era legislation that promised subsidies for domestic chip manufacturing remains uncertain after U.S. President Donald Trump's administration called on lawmakers to repeal the federal funding.
Yahoo
09-05-2025
- Automotive
- Yahoo
Wolfspeed shares sink on going-concern fears, slowing EV sales hit annual revenue forecast
(Reuters) -Chipmaker Wolfspeed's (WOLF) shares fell 23% on Friday after it raised going-concern doubts and forecast weaker-than-expected annual revenue as it grapples with slowing electric-vehicle demand amid economic uncertainty. The company is squeezed between sluggish demand in the industrial and automotive markets, while rival Chinese manufacturers such as Sicc Co and EpiWorld International are gaining ground with inexpensive wafers, which are thin slices of semiconductor material used to make chips. Wolfspeed's customers are also grappling with tariff-induced uncertainty, with General Motors trimming its 2025 profit forecast, while Mercedes-Benz had pulled its earnings outlook for 2025. Its departing CFO Neill Reynolds said in a post-earnings call that the company may need to pursue in-court options to renegotiate its debt and that "going concern" language could be added to the quarterly filing. Wolfspeed included the risk of "substantial doubt about the company's ability to continue as a going concern" in another regulatory filing on Thursday. The company will cut its senior leadership team by 30%, its executive chairman Thomas Werner said. It forecast 2026 revenue below market estimates. Wolfspeed's shares have fallen about 33% so far this year, after losing about 85% of their value in 2024. "Difficulties refinancing the debt, continued cash burn and slowing demand in materials increased the specter of bankruptcy and will depress the stock for the foreseeable future," Charter Equity Research said. Wolfspeed was set to lose more than $150 million from its market value of $689.2 million, if losses hold. It said it expects to receive $600 million of cash tax refunds during fiscal 2026 under the Chips and Science Act. But the future of the Biden-era legislation that promised subsidies for domestic chip manufacturing remains uncertain after U.S. President Donald Trump's administration called on lawmakers to repeal the federal funding. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Automotive
- Yahoo
Wolfspeed shares sink on going-concern fears, slowing EV sales hit annual revenue forecast
(Reuters) -Chipmaker Wolfspeed's shares fell 23% on Friday after it raised going-concern doubts and forecast weaker-than-expected annual revenue as it grapples with slowing electric-vehicle demand amid economic uncertainty. The company is squeezed between sluggish demand in the industrial and automotive markets, while rival Chinese manufacturers such as Sicc Co and EpiWorld International are gaining ground with inexpensive wafers, which are thin slices of semiconductor material used to make chips. Wolfspeed's customers are also grappling with tariff-induced uncertainty, with General Motors trimming its 2025 profit forecast, while Mercedes-Benz had pulled its earnings outlook for 2025. Its departing CFO Neill Reynolds said in a post-earnings call that the company may need to pursue in-court options to renegotiate its debt and that "going concern" language could be added to the quarterly filing. Wolfspeed included the risk of "substantial doubt about the company's ability to continue as a going concern" in another regulatory filing on Thursday. The company will cut its senior leadership team by 30%, its executive chairman Thomas Werner said. It forecast 2026 revenue below market estimates. Wolfspeed's shares have fallen about 33% so far this year, after losing about 85% of their value in 2024. "Difficulties refinancing the debt, continued cash burn and slowing demand in materials increased the specter of bankruptcy and will depress the stock for the foreseeable future," Charter Equity Research said. Wolfspeed was set to lose more than $150 million from its market value of $689.2 million, if losses hold. It said it expects to receive $600 million of cash tax refunds during fiscal 2026 under the Chips and Science Act. But the future of the Biden-era legislation that promised subsidies for domestic chip manufacturing remains uncertain after U.S. President Donald Trump's administration called on lawmakers to repeal the federal funding. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
05-05-2025
- Health
- Daily Mail
Urgent recall for breakfast favorite sold in US that may contain pieces of plastic that could CHOKE customers
A massive recall has been issued for thousands of frozen hash browns after plastic pieces were found in the breakfast favorite. The US Food and Drug Administration said that 34,801 cases of Lamb Weston oval-shaped frozen hash browns have been affected by the recall, adding that the packages were distributed in the US and around several other countries. The cases were shipped out in cases of six 3.5-pound packages to Arizona and Hawaii, and sent overseas to Japan, Kuwait, Taiwan, and the United Arab Emirates. In total, the FDA said that over 730,000 pounds of frozen hash browns may have plastic pieces in them, measuring anywhere from one to eight millimeters - ranging from the size of a grain of sand to the size of pencil eraser. The widespread recall includes cases with the item number M7204 and a global trade item number (GTIN) of 10044979923813, item number M0053 and a GTIN of 50195500004896, item number M7414 and GTIN 10044979923820, and item number M7422 and GTIN 10044979922687. The FDA designated the health warning as a Class II recall on Friday, meaning that the plastic pieces could cause physical harm and short-term medical problems if ingested. If someone were to swallow the largest pieces of plastic lodged in these breakfast patties, they could choke or potentially suffer internal injuries if the pieces are sharp or jagged. There is also a risk of scratching or irritating the esophagus, stomach, or intestines, gut pain, nausea, and even a blockage in the airways or gastrointestinal tract. Lamb Weston supplies restaurants, retailers, and food service distributors in over 100 countries with frozen potato products. They're North America's largest frozen potato product manufacturer and also one of the largest suppliers for fast food titan McDonald's. In 2024, shipments to McDonald's accounted for approximately 14 percent of Lamb Weston's sales - making the fast food chain their biggest customer. It's unknown if any of the contaminated hash brown cases were shipped to McDonald's restaurants in Arizona and Hawaii. has reached out to Lamb Weston for comment. The Idaho-based frozen foods company has already been having difficulties with their biggest client over the last year. In October 2024, Lamb Weston closed their production plant in Connell, Washington and laid off four percent of their workforce because of a reported drop in the demand for large orders of French fries. While McDonald's may be famous for their fries, the nationwide rise in food prices forced the fast food giant to introduce cheaper meal options, many of which included a small fry instead of a large or medium. Lamb Weston president and CEO Thomas Werner said in October: 'Many of these promotional meal deals have consumers trading down from a medium fry to a small fry.' 'Consumers trading down in serving size acts as a partial headwinds for our volumes,' he added, noting that Lamb Weston expected the demand for their frozen potato products to remain weaker than usual in 2025. Lamb Weston's clients also reportedly include fast food giants Burger King, Pizza Hut, Taco Bell, and Wendy's - with the company primarily sending fries to these chains. This isn't the first major recall involving Lamb Weston. In 2022, over one million pounds of their Alexia Organic seasoned hash browns were recalled due to a listeria contamination. That FDA warning reached a Class I recall, meaning that people eating the contaminated hashed browns could have potentially died from the infection. Those potatoes were also sold nationwide in the US and throughout East Asia and the Middle East. The company also had problems with their hash browns in 2018 and 2019. Both recalls involved the same issue plaguing Lamb Weston now - foreign objects in the food. During the 2018 recall, over 8,000 cases of the firm's hash brown patties had to be pulled due to fragments of hard, clear plastic in the potatoes. Along with concerns about Lamb Weston's frozen potato products, a bombshell interview with the company's employees revealed that many also have fears for their own safety on the job. Speaking with non-profit news media organization More Perfect Union in 2022, several Lamb Weston whistleblowers accused the company of extremely harsh working conditions which led to severe injuries. One employee claimed the demanding schedule, including multiple 12-hour shifts and scheduled overtime days, led to him suffering a stroke. Lamb Weston worker Guadalupe Wilcox said: 'I do fear for my safety at work.' 'If I get sick, I get attitude. If I get hurt, I get punished,' she added.
