Posts tagged “Cree”
Infineon warns for the second time in a week- this time in words direct from its CEO and a board member - that the German tech firm's $850 million purchase of Cree's Wolfspeed semiconductor power business might be blocked by the U.S. government due to security concerns.
The Dow hit the 20,000 mark Wednesday, and other Street benchmarks are at record levels as well as the post-election "Trump bump" continues. Several Triangle tech stocks have joined the surge, but management changes at Quintiles and Red Hat show not even Donald Trump means every stock rises.
Cree beats Wall Street expectations on revenues and earnings, sending its stock up nearly 6 percent in after-hours trading Tuesday. Meanwhile, the Durham LED giant also says it's moving closer to selling off its Wolfspeed power technology business.
If you missed out on the "Trump rally" that began after election night futures plunged 800 points, it still may not be too late to capitalize. CNN Money says more records could fall today, and Triangle tech stocks have climbed - with some exceptions.
Cree Inc. shares dropped 9 percent in the extended session Tuesday following Cree's updated forecast of adjusted earnings of 4 cents to 10 cents for the second quarter on revenue of $310-330 million, while analysts expected 16 cents and $336 million, though the firm beat Q1 earnings estimates.
Cree is rolling out a revamped lineup of new LED light bulbs - 25 in all. The new products generated some glowing headlines. The Durham firm also has secured a patent for a new LED light.
Cree's chairman, chief executive officer and president received a 11.6 percent increase in total compensation in the company's 2016 fiscal year due to an increase in stock awards and non-equity incentive plan compensation, according to a Securities and Exchange Commission filing.
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.