Posts tagged “Cree”
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.
Cree's latest financials on Tuesday drove share prices down nearly 4 percent in after-hours trading and close to 52-week lows. But the bad news, including $84 million in costs for restructuring its LED business, didn't keep Cree's top executive from delivering a pep talk to Wall Street analysts.
Cree, Inc. (Nasdaq: CREE), a market leader in silicon-carbide (SiC) power and radio frequency (RF) products has acquired APEI, a global leader in power modules and power electronics applications in a deal it says will help it further disrupt and expand its market.
Cree's stock plunged 10 percent Thursday to the lowest level in recent months after news late Wednesday that it was restructuring its LED business. A host of analyst firms cut their share target price but at least didn't downgrade the stock. However, a look at headlines and reporting shows that Cree's future is a bit dimmer in the media's eyes.
As the stock markets closed Wednesday, Cree announced a restructuring plan, a big cut in its revenue forecast and a $500 million share buyback plan. Wall Street reaction was immediate Thursday: Shares fell 10 percent to a new 52-week low. Will the slide continue today? Will there be layoffs?
The late Neal Page, Ryan Allis, Jud Bowman, Bob Young and their companies (Inlet, Broadwick, Motricity, Red Hat) were branded among the original "disruptors" by Business 2.0 magazine in 2007. WTW takes a look back at them in light of Cisco's new "Digital Vortex" report on the latest "disruptor" trend.