Latest news with #Wolfspeed
Wall Street Journal
18 hours ago
- Business
- Wall Street Journal
Stocks to Watch on Tuesday: Paramount, TSMC, Dollar General
🔎 Paramount (PARA): The entertainment conglomerate, which is in negotiations to settle an election-interference lawsuit by President Trump, nominated three new directors to its board. The CBS owner scheduled its shareholder meeting for July 2. 🔎 TSMC (TSM): The global chipmaker faces limited impact from tariffs, as levies are typically borne by importers, Chief Executive C.C. Wei said at a shareholder meeting. He guided for revenue and earnings to hit new highs this year. ↗️ Wolfspeed (WOLF): The semiconductor company rose in brisk trading off-hours. The stock has been volatile in recent weeks. The Wall Street Journal reported in late May that Wolfspeed was preparing to file for bankruptcy.
New Straits Times
6 days ago
- Automotive
- New Straits Times
MPI shares tumble 10 pct in a week amid Wolfspeed bankruptcy concerns
KUALA LUMPUR: Shares of Malaysian Pacific Industries Bhd (MPI) slid about 10 per cent over the past week to close near RM18.00, amid reports that key silicon carbide (SiC) customer Wolfspeed Inc. may be preparing to file for Chapter 11 bankruptcy protection, said CIMB Securities Sdn Bhd. The reports, first published by Reuters and The Wall Street Journal, suggest that Wolfspeed is seeking to restructure its debts under court supervision while maintaining operations. This development sparked market concerns over possible supply chain disruptions for MPI. Despite the market jitters, CIMB noted that, based on its channel checks, MPI is still receiving SiC wafer volume loadings from Wolfspeed, indicating no immediate supply disruptions. "We believe the impact on MPI would be limited, as Wolfspeed is estimated to account for less than 5 to 6 per cent of the group's FY6/24 revenue. Importantly, MPI appears to have the operational flexibility to mitigate any potential fallout, with the option to reallocate floor space to other customers, such as Infineon, to support the ongoing ramp-up of new power module packaging at its Carsem S-site facility." This strategy, CIMB added, should help cushion MPI from any delays in Wolfspeed's restructuring process. The firm has reiterated its 'Buy' rating on MPI with an unchanged target price of RM30.00, based on a 25x CY26F P/E, which is two standard deviations below the OSAT sector's mean. "We continue to favour MPI for its unique SiC and gallium nitride (GaN) exposure and favour it as a proxy for the growing demand for power semiconductors in data centres. The group also has a strong balance sheet with a net cash position of RM990 million (RM4.72/share) as of end-Mar 2025," the research house said. CIMB Securities has pointed out several reasons why Malaysian Pacific Industries Bhd (MPI) could see its value increase, such as a quicker recovery at Carsem Suzhou (CSZ), gaining new customers and designs in the fast-growing SiC and GaN areas, a faster bounce back in the automotive and electric vehicle (EV) markets, and the chance of a bigger dividend payout. However, the research house cautioned that downside risks remain, particularly a slower sector recovery, delays in new capacity expansions, and unfavourable currency movements, especially if the ringgit continues to strengthen against the US dollar. In its latest quarterly update, MPI reported a 2 per cent quarter-on-quarter (QoQ) dip in revenue for 3QFY6/25, primarily due to sales contractions in Asia (-5.7 per cent) and Europe (-7.4 per cent). This decline was partially offset by a robust 23.5 per cent QoQ rebound in US sales, driven by sustained demand for power packaging solutions at Carsem Malaysia (CSM). The company's operational strength was further reflected in a 20 per cent rise in minority interest expense, indicating stronger performance at CSM. For the nine-month period ended FY25 (9MFY25), MPI's revenue in US dollar terms grew 5.5 per cent year-on-year (YoY) to US$354 million, supported by improved contributions from Asia and Europe. However, in Ringgit Malaysia terms, revenue growth was modest at 0.3 per cent YoY, held back by foreign exchange losses stemming from the ringgit's appreciation. This led to a realised forex loss of RM16.9 million during the period. Despite these currency headwinds, MPI delivered a 35 per cent YoY surge in net profit to RM110 million, largely driven by the turnaround at CSZ, a testament to the group's resilience and operational agility in navigating a volatile macroeconomic environment.
Miami Herald
6 days ago
- Business
- Miami Herald
Popular internet provider files for Chapter 11 bankruptcy
The technology sector has not been immune to bankruptcy, as several companies have either filed for Chapter 11 protection or are considering filing a petition. Struggling semiconductor supplier Wolfspeed is the latest major technology company to consider filing for bankruptcy, sources familiar with the matter told the Wall Street Journal on May 20. Don't miss the move: Subscribe to TheStreet's free daily newsletter The Durham, N.C., tech company is reportedly pursuing a prepackaged Chapter 11 plan in the coming weeks after out-of-court debt restructuring attempts failed. Related: Huge trucking company files for Chapter 11 bankruptcy In April, banking-as-a-service start-up, Solid, which at one time called itself the Amazon Web Services of fintech, filed for Chapter 11 protection in Delaware after failing to secure an additional round of funding. And now, struggling business internet provider Everstream Solutions LLC has filed for Chapter 11 bankruptcy protection, seeking a sale of its assets, facing a potential default on over $1 billion in prepetition credit agreements. The Cleveland-based provider of connectivity services, communications solutions, and network security for businesses in 13 states in the Midwest and Northeast and Washington, D.C., listed $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities, including $1.06 billion in funded secured debt, in its petition filed on May 28. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy Its largest unsecured creditors include Crown Castle, owed over $1.45 million in trade debt; Illuminating Co., owed over $1 million in trade debt; and Northern Lights Locating & Inspection Inc., owed over $881,000. The debtor blamed significant capital expenditures to expand its fiber network, unanticipated operational losses, industry headwinds, and unsustainable debt obligations for causing its financial distress that required a Chapter 11 filing. Related: Troubled radio station company files for Chapter 15 bankruptcy Everstream, which is 99% owned by non-debtor Midwest Fiber Intermediate US LP, hired restructuring advisers in April 2023, facing limited liquidity and a risk of default, according to a declaration by Chief Restructuring Officer Justin Schmaltz. The debtor launched recapitalization transactions to amend its credit agreements in October 2023, secured equity contributions, and sought a sales process for assets in Illinois, Missouri, and Pennsylvania. The sale process had not closed in April 2024 when it began a review of strategic alternatives, as its 2023 recapitalization cash had diminished, and it faced another risk of default, according to the declaration. The company began seeking a sale of all of its assets in September 2024, while a sale of its Illinois and Missouri assets closed in May 2025. A subsidiary of Bluebird Network LLC submitted a stalking-horse bid for debtor Midwest Fiber Holdings LP, which is listed as Everstream's ultimate owner, for $285 million on May 22. The debtor closed and will wind down its Pennsylvania operations. The debtor is also seeking approval of up to $186 million in debtor-in-possession financing, which includes $55 million in new money to fund its bankruptcy case. The bankruptcy case timeline calls for an auction for the debtor's assets to be held on July 17, a sale hearing set for Aug. 1, a confirmation hearing for the case on Oct. 30 if the stalking-horse bid is successful, or on Nov. 14 if not, and an effective date for the confirmation of the bankruptcy plan by March 26, 2026. Everstream was founded in 2014 and expanded through company growth and acquisitions from 2016-2022. The company generated over $135 million in revenue in 2022, over $148 million in 2023, and $156 million in 2024. The debtor operates in Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, Virginia, West Virginia, Wisconsin, and the District of Columbia. Related: Key healthcare company files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
23-05-2025
- Business
- Yahoo
Wolfspeed Appoints Industry Veteran Dr. David Emerson as Chief Operating Officer
Emerson Will Oversee All Aspects of Operations, Supply Chain, and Quality Brings a Proven Track Record of Driving Operational Transformations Appointment Advances Wolfspeed's Strategic Priorities and Transition to Pure-Play 200-Millimeter Production DURHAM, N.C., May 23, 2025--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF) ("Wolfspeed" or the "Company") today announced that David Emerson, Ph.D. has been appointed Executive Vice President and Chief Operating Officer, a newly created role responsible for overseeing operational excellence across the Company's 200-millimeter facility footprint, reducing customer lead times, and manufacturing leading silicon carbide solutions for Wolfspeed's customers. Dr. Emerson will be responsible for Wolfspeed's Operations, Supply Chain, and Quality divisions. As the former Executive Vice President of our LED Products division, Dr. Emerson brings a proven track record of transforming complex, global operations into scaled and high-performing businesses that are positioned to win in emerging technologies. Notably, during his time at Wolfspeed (then operating as Cree, Inc.), Dr. Emerson gained an in-depth understanding of both the devices and materials businesses and helped guide the company through a period of heightened U.S. government scrutiny on global trade practices and fair competition. Wolfspeed Chief Executive Officer, Robert Feurle, commented, "We are excited to welcome Dave back to Wolfspeed as our new Chief Operating Officer. Having previously led our LED business through market disruption and global expansion, Dave brings a wealth of industry expertise and strategic insight which positions him well to drive operational excellence at Wolfspeed. His ability to directly confront complex challenges aligns with our ambitions at this critical stage in Wolfspeed's lifecycle. I look forward to collaborating with him as we work to reaccelerate revenue growth, work to achieve profitability, complete our 200-millimeter transition, and ultimately advance Wolfspeed's global leadership in silicon carbide technology." "After spending a sizable portion of my career at Cree overseeing the development of silicon carbide-powered LED solutions, I am eager to contribute to Wolfspeed's forward momentum as its new Chief Operating Officer. I am impressed by the Company's sustained leadership in silicon carbide and its vertically integrated, greenfield 200-millimeter facility footprint," said Dr. Emerson. "Under Robert's leadership, Wolfspeed is increasingly focused on serving the fastest-growing areas of the silicon carbide market, and these strategic verticals necessitate high-performance, high-quality solutions. My experience driving operational excellence has equipped me with the skills to help develop best-in-class solutions for our blue-chip customers, all while working to accelerate the Company's path to profitability. I'm excited for the opportunity to help shape the Company's continued growth and success." The addition of the Chief Operating Officer role to the executive leadership team underscores Wolfspeed's unwavering commitment to operational excellence as it scales its industry-leading 200 mm silicon carbide manufacturing platform. The Chief Operating Officer will play a critical role in driving manufacturing quality and efficiency. In this role, Dr. Emerson will also be responsible for accelerating time-to-market and ensuring consistent delivery of innovative, high-performance silicon carbide solutions to customers worldwide. As Wolfspeed continues to expand capacity to serve the expected growth in demand across automotive, industrial, and energy markets, this role is central to enhancing operational agility and achieving growth. About Wolfspeed, Inc. Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies that power the world's most disruptive innovations. As the pioneers of silicon carbide, and creators of the most advanced semiconductor technology on earth, we are committed to powering a better world for everyone. Through silicon carbide material, Power Modules, Discrete Power Devices and Power Die Products targeted for various applications, we will bring you The Power to Make It Real.™ Learn more at Forward-Looking Statements This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Wolfspeed's actual results to differ materially from those indicated in the forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about Wolfspeed's ability to reduce customer lead times, improve manufacturing quality and efficiency, and achieve growth. Actual results could differ materially due to a number of factors, including but not limited to, ongoing uncertainty in global economic and geopolitical conditions, such as the ongoing military conflict between Russia and Ukraine and the ongoing conflicts in the Middle East; changes in progress on infrastructure development or changes in customer or industrial demand that could negatively affect product demand, including as a result of an economic slowdown or recession, collectability of receivables and other related matters if consumers and businesses defer purchases or payments, or default on payments; risks associated with our expansion plans, including design and construction delays, cost overruns, the timing and amount of government incentives actually received, including, among other things, any direct grants and tax credits, issues in installing and qualifying new equipment and ramping production, poor production process yields and quality control, and potential increases to our restructuring costs; our ability to obtain additional funding, including, among other things, from government funding, public or private equity offerings, or debt financings, on favorable terms and on a timely basis, if at all; our ability to take certain actions with respect to our capital and debt structure; the risk that we do not meet our production commitments to those customers who provide us with capacity reservation deposits or similar payments; the risk that we may experience production difficulties that preclude us from shipping sufficient quantities to meet customer orders or that result in higher production costs, lower yields and lower margins; our ability to lower costs; the risk that our results will suffer if we are unable to balance fluctuations in customer demand and capacity, including bringing on additional capacity on a timely basis to meet customer demand or scaling back our manufacturing expenses or overhead costs quickly enough to correspond to lower than expected demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor's products instead; product mix; risks associated with the ramp-up of production of our new products, and our entry into new business channels different from those in which we have historically operated; our ability to convert customer design-ins to design-wins and sales of significant volume, and, if customer design-in activity does result in such sales, when such sales will ultimately occur and what the amount of such sales will be; the risk that the markets for our products will not develop as we expect, including the adoption of our products by electric vehicle manufacturers and the overall adoption of electric vehicles; the risk that the economic and political uncertainty caused by the tariffs imposed or announced by the United States on imported goods, and corresponding tariffs and other retaliatory measures imposed by other countries (including China) in response, may continue to negatively impact demand for our products; the risk that we or our channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, including production and product mix, which can result in increased inventory and reduced orders as we experience wide fluctuations in supply and demand; risks related to international sales and purchases; risks resulting from the concentration of our business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that our investments may experience periods of significant market value and interest rate volatility causing us to recognize fair value losses on our investment; the risk posed by managing an increasingly complex supply chain (including managing the impacts of supply constraints in the semiconductor industry and meeting purchase commitments under take-or-pay arrangements with certain suppliers) that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products with the required specifications and quality; risks relating to outbreaks of infectious diseases or similar public health events, including the risk of disruptions to our operations, supply chain, including our contract manufacturers, or customer demand; the risk we may be required to record a significant charge to earnings if our remaining goodwill or amortizable assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; our ability to complete development and commercialization of products under development; the rapid development of new technology and competing products that may impair demand or render our products obsolete; the potential lack of customer acceptance for our products; risks associated with ongoing litigation; the risk that customers do not maintain their favorable perception of our brand and products, resulting in lower demand for our products; the risk that our products fail to perform or fail to meet customer requirements or expectations, resulting in significant additional costs; risks associated with strategic transactions; the risk that we are not able to successfully execute or achieve the potential benefits of our efforts to enhance our value; the substantial doubt about the Company's ability to continue as a going concern; and other factors discussed in our filings with the Securities and Exchange Commission (SEC), including our report on Form 10-K for the fiscal year ended June 30, 2024, and subsequent reports filed with the SEC. These forward-looking statements represent Wolfspeed's judgment as of the date of this release. Except as required under the United States federal securities laws and the rules and regulations of the SEC, Wolfspeed disclaims any intent or obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise. Wolfspeed® is a registered trademark of Wolfspeed, Inc. View source version on Contacts Media Relations: Bridget JohnsonHead of Corporate Marketing and Communications847-269-2970media@ Investor Relations: Tyler GronbachVP, External Affairs919-407-4820investorrelations@
Business Wire
23-05-2025
- Business
- Business Wire
Wolfspeed Appoints Industry Veteran Dr. David Emerson as Chief Operating Officer
DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF) ('Wolfspeed' or the 'Company') today announced that David Emerson, Ph.D. has been appointed Executive Vice President and Chief Operating Officer, a newly created role responsible for overseeing operational excellence across the Company's 200-millimeter facility footprint, reducing customer lead times, and manufacturing leading silicon carbide solutions for Wolfspeed's customers. Dr. Emerson will be responsible for Wolfspeed's Operations, Supply Chain, and Quality divisions. As the former Executive Vice President of our LED Products division, Dr. Emerson brings a proven track record of transforming complex, global operations into scaled and high-performing businesses that are positioned to win in emerging technologies. Notably, during his time at Wolfspeed (then operating as Cree, Inc.), Dr. Emerson gained an in-depth understanding of both the devices and materials businesses and helped guide the company through a period of heightened U.S. government scrutiny on global trade practices and fair competition. Wolfspeed Chief Executive Officer, Robert Feurle, commented, 'We are excited to welcome Dave back to Wolfspeed as our new Chief Operating Officer. Having previously led our LED business through market disruption and global expansion, Dave brings a wealth of industry expertise and strategic insight which positions him well to drive operational excellence at Wolfspeed. His ability to directly confront complex challenges aligns with our ambitions at this critical stage in Wolfspeed's lifecycle. I look forward to collaborating with him as we work to reaccelerate revenue growth, work to achieve profitability, complete our 200-millimeter transition, and ultimately advance Wolfspeed's global leadership in silicon carbide technology.' 'After spending a sizable portion of my career at Cree overseeing the development of silicon carbide-powered LED solutions, I am eager to contribute to Wolfspeed's forward momentum as its new Chief Operating Officer. I am impressed by the Company's sustained leadership in silicon carbide and its vertically integrated, greenfield 200-millimeter facility footprint,' said Dr. Emerson. 'Under Robert's leadership, Wolfspeed is increasingly focused on serving the fastest-growing areas of the silicon carbide market, and these strategic verticals necessitate high-performance, high-quality solutions. My experience driving operational excellence has equipped me with the skills to help develop best-in-class solutions for our blue-chip customers, all while working to accelerate the Company's path to profitability. I'm excited for the opportunity to help shape the Company's continued growth and success.' The addition of the Chief Operating Officer role to the executive leadership team underscores Wolfspeed's unwavering commitment to operational excellence as it scales its industry-leading 200 mm silicon carbide manufacturing platform. The Chief Operating Officer will play a critical role in driving manufacturing quality and efficiency. In this role, Dr. Emerson will also be responsible for accelerating time-to-market and ensuring consistent delivery of innovative, high-performance silicon carbide solutions to customers worldwide. As Wolfspeed continues to expand capacity to serve the expected growth in demand across automotive, industrial, and energy markets, this role is central to enhancing operational agility and achieving growth. About Wolfspeed, Inc. Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies that power the world's most disruptive innovations. As the pioneers of silicon carbide, and creators of the most advanced semiconductor technology on earth, we are committed to powering a better world for everyone. Through silicon carbide material, Power Modules, Discrete Power Devices and Power Die Products targeted for various applications, we will bring you The Power to Make It Real.™ Learn more at Forward-Looking Statements This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Wolfspeed's actual results to differ materially from those indicated in the forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about Wolfspeed's ability to reduce customer lead times, improve manufacturing quality and efficiency, and achieve growth. Actual results could differ materially due to a number of factors, including but not limited to, ongoing uncertainty in global economic and geopolitical conditions, such as the ongoing military conflict between Russia and Ukraine and the ongoing conflicts in the Middle East; changes in progress on infrastructure development or changes in customer or industrial demand that could negatively affect product demand, including as a result of an economic slowdown or recession, collectability of receivables and other related matters if consumers and businesses defer purchases or payments, or default on payments; risks associated with our expansion plans, including design and construction delays, cost overruns, the timing and amount of government incentives actually received, including, among other things, any direct grants and tax credits, issues in installing and qualifying new equipment and ramping production, poor production process yields and quality control, and potential increases to our restructuring costs; our ability to obtain additional funding, including, among other things, from government funding, public or private equity offerings, or debt financings, on favorable terms and on a timely basis, if at all; our ability to take certain actions with respect to our capital and debt structure; the risk that we do not meet our production commitments to those customers who provide us with capacity reservation deposits or similar payments; the risk that we may experience production difficulties that preclude us from shipping sufficient quantities to meet customer orders or that result in higher production costs, lower yields and lower margins; our ability to lower costs; the risk that our results will suffer if we are unable to balance fluctuations in customer demand and capacity, including bringing on additional capacity on a timely basis to meet customer demand or scaling back our manufacturing expenses or overhead costs quickly enough to correspond to lower than expected demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor's products instead; product mix; risks associated with the ramp-up of production of our new products, and our entry into new business channels different from those in which we have historically operated; our ability to convert customer design-ins to design-wins and sales of significant volume, and, if customer design-in activity does result in such sales, when such sales will ultimately occur and what the amount of such sales will be; the risk that the markets for our products will not develop as we expect, including the adoption of our products by electric vehicle manufacturers and the overall adoption of electric vehicles; the risk that the economic and political uncertainty caused by the tariffs imposed or announced by the United States on imported goods, and corresponding tariffs and other retaliatory measures imposed by other countries (including China) in response, may continue to negatively impact demand for our products; the risk that we or our channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, including production and product mix, which can result in increased inventory and reduced orders as we experience wide fluctuations in supply and demand; risks related to international sales and purchases; risks resulting from the concentration of our business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that our investments may experience periods of significant market value and interest rate volatility causing us to recognize fair value losses on our investment; the risk posed by managing an increasingly complex supply chain (including managing the impacts of supply constraints in the semiconductor industry and meeting purchase commitments under take-or-pay arrangements with certain suppliers) that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products with the required specifications and quality; risks relating to outbreaks of infectious diseases or similar public health events, including the risk of disruptions to our operations, supply chain, including our contract manufacturers, or customer demand; the risk we may be required to record a significant charge to earnings if our remaining goodwill or amortizable assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; our ability to complete development and commercialization of products under development; the rapid development of new technology and competing products that may impair demand or render our products obsolete; the potential lack of customer acceptance for our products; risks associated with ongoing litigation; the risk that customers do not maintain their favorable perception of our brand and products, resulting in lower demand for our products; the risk that our products fail to perform or fail to meet customer requirements or expectations, resulting in significant additional costs; risks associated with strategic transactions; the risk that we are not able to successfully execute or achieve the potential benefits of our efforts to enhance our value; the substantial doubt about the Company's ability to continue as a going concern; and other factors discussed in our filings with the Securities and Exchange Commission (SEC), including our report on Form 10-K for the fiscal year ended June 30, 2024, and subsequent reports filed with the SEC. These forward-looking statements represent Wolfspeed's judgment as of the date of this release. Except as required under the United States federal securities laws and the rules and regulations of the SEC, Wolfspeed disclaims any intent or obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise. Wolfspeed® is a registered trademark of Wolfspeed, Inc.
