Weekly Roundup: Broadcom Slumps, Tesla Rebounds and Wolfspeed Struggles
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Show Notes
On this episode of Stock Movers:
- Stocks tumbled in the second worst day of the year, with tech companies like Broadcom (AVGO) closing lower. The stock was down over 30 percent since its December earnings report.
- Tesla (TSLA) rose against the grain during the week as traders digested President Donald Trump’s announcement of auto tariffs. Even small moves in Tesla’s stock have a huge market impact because the company is so much bigger than other automakers. Tesla’s 1.7% rise on Thursday brought the market capitalization of the company up $14.3 billion. Shares of General Motors Co. and Ford Motor Co. moved more to the downside, while their combined value only dropped by around $4.6 billion.
- Wolfspeed (WOLF) is struggling to reach a deal with investors to refinance its $575 million convertible bonds due next year. The Durham, North Carolina-based chipmaker has been working with JPMorgan Chase & Co. on the refinancing effort, according to people with knowledge of the matter, who asked not to be identified discussing private talks. Wolfspeed shares closed at $2.59 Friday after sinking nearly 52%, its largest-ever one-day drop.
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