Posts tagged “Cree”
Cree Chair and CEO Chuck Swoboda takes advantage of Cree's earnings report on Tuesday to brief Wall Street analysts about what he sees as the Durham LED-focused company's future. He has called for a "Cree 3.0" after the recent decision to sell its Wolfspeed power/chip business. In his own words, what Swoboda sees: Need for more innovation, new products, as well as possible mergers and acquisitions.
Cree expects to spend the next six months after the sale of its Wolfspeed division to Infineon Technologies closes working through the transition. But by 2017 it will to be on the way to a Cree 3.0 focusing on its LED lighting business, and looking for M&A opportunities, Cree chair and CEO Chuck Swoboda says.
Cree is selling a building at the end of its Silicon Drive campus in Durham as part of its $850 million cash sale of its Wolfspeed Power and RF division to Infineon Technologies, the company disclosed at a press conference Thursday morning.
Cree is selling its power and radio frequency division to Infineon Technologies for $850 million in cash. Cree had intended to spin off the group known as Wolfspeed as a separate company. Most of Wolfspeed's 600 workers are expected to keep their jobs.
Triangle headlines: RTI-Zika research; Quintiles glucose monitoring; Cree's LED plant lights; PatientPay exec; Q2 award
Triangle headline news this week includes: RTI to host Zika research; Quintiles offers new glucose monitoring service; Cree offers new LEDS to boost plants; PatientPay adds a new exec; and Quintiles joint venture Q2 wins an award.
Triangle headlines: $55M Duke Energy-Duke U. power project; Cree patent deal; LabCorp colon cancer blood test; Cree's board
In today's wrapup of Triangle related tech and life science news: Duke Energy and Duke University are collaborating on a $55 million energy project; Cree settles a patent suit; LabCorp launches a new blood test targeting colon cancer; and Cree names former Advanced Auto Parts CEO to board.
Is the worst over for Cree? The Durham-based LED firm's latest earnings report Tuesday beat the Street and a revenue forecast was largely in line with expectations. The result: A small boost in share price during after-hours trading.
Shares in Durham-based Cree plunged 15 percent in very heavy trading Wednesday after the company warned Tuesday that revenues are plunging well below expectations for the current quarter. Also, Cree says in a securities filing that one of its top executives is moving to a new position. CNBC's Jim Cramer takes a shot at Cree as well.
Reacting to complaints about the brightness, harshness and appearance of its LED streetlights, Durham-based Cree is rolling out new devices that it says will provide a "warm color." They can even be dimmed.
In today's Bulldog wrapup of technology news: Cree ups power in LED bulbs; head of the FBI says there are "no demons" in the iPhone showdown with Apple; CEO Tim Cook defends Apple's stance; and Uber faces trouble in France.
CH joins Smart City effort; Cree rallies on upgrade; Chimerix stock plunges; Uber driver in shooting; Facebook Messenger update
In today's Bulldog wrapup of tech and life science news: Chapel Hill joins AT&T Smart City initiative; analyst's upgrade sends Cree shares up; Chimerix shares plunge on bad clinical trial news; Uber says one of its drivers was involved in the Michigan shootings; and Facebook updates Messenger.
A new suite of smart building services from Cisco includes SmartCast, a system designed to deliver LED lighting in more cost-effective ways and in multiple shades, from Cree. Cree says SmartCast brings the Internet of Things to building lighting systems with "Power over Ethernet."
On Wednesday, Cree disclosed it is a partner with Cisco's new "Digital Ceiling" suite of smart building applications. Cisco says it's taking the Internet of Things to the management of "indoor spaces." Here's insight from Cisco about what the Digital Ceiling is.
Unlike many shares, stock in Cree has shown an improvement so far in 2016. Cree shares are up nearly 4 percent, a better-than-expected earnings report earlier this week contributing to the surge. In talking about the earnings and Cree's commitment to new lighting technology, Cree Chair and CEO Chuck Swoboda gave what has proved to be a successful pep talk to investors.
Shares in Durham-based Cree jumped more than 5 percent in after-hours trading Tuesday after the semiconductor and lighting technology firm reported earnings that beat Street expectations. However, Cree is delaying the spin-off of its Wolfspeed group.
Cree (Nasdaq:CREE) beat analyst's forecasts in its fiscal year first quarter earnings, reporting revenue of $425.5 million and earnings of 21 cents a share, topping the Thomson Reuters consensus estimate of $418.67 million and 20 cents a share. The company says its restructuring plan, which includes its Durham manufacturing facilities, is "on track."
"Wolfspeed," which is in part a tribute to research dating back to the N.C. State days of Durham-based Cree, is the name for the semiconductor and radio frequency business the company plans to spin off as a separate venture in coming months. One of Cree's founders is part of the new group which will be led by Triangle veteran tech executive Frank Plastina. And its tech will be used in the new Air Force F-35 fighter.
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