Wolfspeed is on track to transfer ownership of key assets in order to wipe out debt and allow the business to continue functioning under a new corporate entity. As part of the restructuring, current shareholders of the company's common stock will only receive between 3% and 5% of the value of the new company.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

Retail investors are once again banding together to bet on highly shorted loss-making companies such as Kohl's and Krispy Kreme this week, bringing to mind the "meme stock" frenzy that gripped Wall Street four years ago.

Opendoor Technologies has recently gained favor as a meme stock and seen incredible valuation gains, but the company's share price is pulling back today as investors take profits on recent gains. Despite big sell-offs in today's session, the stock is still up 330% over the last month.

The return of meme stock traders could prove fleeting. Unlike 2021, when interest rates were ultra-low and people decided to put their pandemic cheques to work, cash and cash-like instruments offer decent enough yields. Crypto offers plenty of other distractions for the YOLO-chanting crowd. This door will not stay open for long.

The ticker $OPEN has been heavily cited on WallStreetBets, the online forum behind the infamous GameStop mania in 2021.

Newsmax ( NMAX 1.80%), the conservative media company that promotes itself as an alternative to Fox ( FOX 0.65%) News and other mainstream media outlets, went public at $10 on March 31. The following day, its shares closed at a record high of $233 a share.