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Stock Market & Financial Investment News

News Breaks
August 12, 2014
14:35 EDTCREEEarnings Preview: Cree upgraded at Gabelli, Oppenheimer since last report
Cree (CREE) is expected to report fourth quarter earnings after the close on Tuesday, August 12, 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 41c on revenue of $444.11M. The consensus range is 38c-43c for EPS on revenue of $435.0M-$448.2M, according to First Call. Last quarter, Cree said it expects Q4 EPS of 38c-44c on revenue of $430M-$460M. The company also forecast its non-GAAP gross margin to be near 37.5% in Q4. LAST QUARTER: Cree reported third quarter EPS of 39c, beating the consensus estimate by 1c. Revenue last quarter came in at $405.3M, which fell short of the consensus $407.3M projection. STREET RESEARCH: On the day after Cree's last quarterly report, Summit Research upgraded the stock to Buy from Hold and placed a $65 price target on the stock. That same day, analysts at Goldman said Cree reported a "solid" Q3 and that they were encouraged by the company's top-line trends. The firm said at that time that they continued to believe Cree's potential leverage was unappreciated and maintained a Buy rating on the stock, but the firm lowered its price target on Cree shares to $66 from $72. On May 8, Gabelli upgraded Cree to Buy from Hold, citing valuation and its leading position in the LED lighting space. On July 3, Cree was upgraded to Outperform from Perform at Oppenheimer. The firm, which placed a $59 price target on the stock, said the company is the best pure play on LED lighting adoption and that it viewed the shares as undervalued at its levels at that time. PRICE ACTION: Over the last three months, Cree shares have rallied over 6%. However, the stock is down more than 21% year-to-date. In afternoon trading ahead of tonight's report, Cree is down more than 1% to $49.08.
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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