WOLF - Investors Are Worried About These 2 Falling Stocks
2023-08-17 12:57:52 ET
Overall, Wall Street investors seemed to be in a good mood on Thursday morning. Stock market indexes opened generally higher, as market participants tried to recover their confidence after recent reports suggested that the Federal Reserve might prove to be more stubborn than expected in its efforts to fight inflation. Shortly after the opening bell, major benchmarks were up as much as half a percent.
Yet not every stock was able to participate in the mini-rally Thursday morning. Hawaiian Electric Industries (NYSE: HE) has been under pressure over its potential liability in the devastating wildfires that have hit the island of Maui, while Wolfspeed (NYSE: WOLF) disappointed investors with its latest financial performance. Here's what you need to know about why these stocks are falling and whether you should be worried about their future.
Shares of Hawaiian Electric Industries fell more than 30% early Thursday. The electric utility company is facing scrutiny as lawsuits emerge alleging that its equipment played a role in starting the fires that have destroyed most of the town of Lahaina, and shareholders seem increasingly nervous about whether the company will be able to emerge from the crisis without major changes.
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Investors Are Worried About These 2 Falling Stocks