Shares of Wolfspeed (WOLF 2.65%) are sinking on Thursday, down 19.9% as of 2:26 p.m. ET. The fall comes as the S&P 500 (^GSPC -0.31%) and Nasdaq Composite (^IXIC -0.47%) rose 0.3% and 0.1%, respectively.
The sharp drop doesn't appear to be motivated by any specific news; rather, investors are shedding shares after a major run-up over the past two weeks.