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Stock Market & Financial Investment News

News Breaks
January 22, 2013
14:57 EDTCREEEarnings Preview: Cree to report less than a week after two notch downgrade
Cree (CREE) is expected to report Q2 earnings after the close on Tuesday, January 22, with a conference call scheduled for 5:00 pm ET. Cree develops and manufactures lighting-class light emitting diode products, traditional lighting products and semiconductor products for power and radio-frequency applications... EXPECTATIONS: Analysts are looking for earnings per share of 30c on revenue of $331.2M. The consensus range is 26c-32c for EPS on revenue of $319.99B-$342.8B, according to First Call. In conjunction with its last earnings report, Cree guided to Q2 adjusted EPS of 27c-31c on revenue of $320M-$340M... LAST QUARTER: Cree reported Q1 adjusted EPS of 27c, narrowly beating the 26c consensus estimate. Q1 revenue, however, came in at $315.8M, which was shy of the consensus $317.89M projection. The company also said its overall backlog was stronger than it was at same point in the prior quarter, although added that its visibility is still limited and the macroeconomic environment remains a headwind... RESEARCH: After the market close last Wednesday, Jefferies downgraded Cree two notches to Underperform from Buy, citing overly optimistic expectations. Earlier that same day, Raymond James said Cree's recent share strength is not sustainable and that the firm believes its Q2 results will modestly disappoint. However, Cantor said it expects Cree to report stronger than expected Q2 results, but that the company's guidance could miss expectations. The next day, Maxim said it expects Cree to report strong Q2 results and that the firm sees upside to Q2 and Q3 consensus estimates... PRICE ACTION: Since the day after last quarter's report, shares of Cree have rallied over 27%. Year-to-date, shares are down nearly 2% and in afternoon trading ahead of tonight's report, Cree is down about 0.8% to $33.49.
News For CREE From The Last 14 Days
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May 21, 2015
09:58 EDTCREEOn The Fly: Analyst Upgrade Summary
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07:23 EDTCREE, CREECree upgraded to Underperform from Sell at CLSA
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May 18, 2015
13:41 EDTCREECree sees Franco Plastina becoming CEO of Power and RF business post-IPO
In a regulatory filing earlier, Cree reported that on May 5, its board of directors appointed Franco Plastina as the company’s interim EVP, Power & RF, effective June 8. The company additionally noted that it expects Plastina to serve as CEO of Cree Power & RF Division upon the completion of its previously announced initial public offering. Plastina is presently a member of the company’s board, on which he has served since December 2007. Since May 2012, Plastina has served as president and founder of Arc & Company, an advisory and angel investment firm.
08:35 EDTCREECree submits registration statement for IPO of Power and RF Business
Cree announced that Cree’s wholly owned Power and RF subsidiary has submitted a draft registration statement on a confidential basis to the SEC for a potential initial public offering of the subsidiary’s class A common stock. The type and number of shares of stock to be sold and the price range for the proposed initial public offering has not yet been determined, although Cree intends to remain the majority stockholder of the subsidiary post offering. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions. The Power and RF subsidiary is raising capital to invest directly in the business to support targeted future growth. The offering would enable Cree management to focus on Cree’s LED and Lighting businesses, while also creating a dedicated focus on the Power and RF business. The company believes that this transaction should allow Cree shareholders to better realize the full value of both businesses, the company said.
07:27 EDTCREEJPMorgan to hold a conference
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May 11, 2015
09:57 EDTCREECree calls active on renewed takeover chatter
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09:48 EDTCREERumor: Cree active on renewed takeover chatter
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