Posts tagged “Cree”
Even MSNBC's Jim Cramer has kind words for Cree after trashing it last June after Cree unveils its new $10 LED bulb earlier this week. The Skinny and WRAL's Monica Laliberte test it out - and we think its a bright idea, too. So does Wall Street. Now the big test consumers - will consumers buy?
Cree's new line of LED bulbs that the Durham-based company introduced Tuesday means new jobs for the Triangle. Cree already has hired 200 people to make the bulbs locally, and the LEDs are made in N.C. as well, a company executive says.
Cree Chairman and CEO Chuck Swoboda is in New York City today briefing analysts on what could be the breakthrough event for the Durham company in the consumer lighting market: A long-lasting LED bulb that costs $10. The news excites investors as Cree shares jump 7% in pre-market trading and finished up 14.4 percent for the day in heavy trading.
Shares in LED manufacturer Cree jumped more than 22 percent Wednesday to a new 52-week high of $41.20 in the wake of a strong earnings report on Tuesday. Two analyst firms raise their share target prices to $41 and $42.
In a conference call with Wall Street analysts, Cree Chairman and CEO Chuck Swoboda says "pretty broad-based growth" led to a financial report that exceeded Street expectations and triggered a 15-percent jump in Cree's shares. He also talks about driving more business by explaining more about what LED lighting can do.
The invention of a better light bulb - with LEDs at the core - means long-term energy savings for users. But with bulbs lasting years longer, what are the long-term implications for companies like Cree?
Shares in Cree dropped 6 percent Thursday after an analyst's downgrade. The news helped erase gains that had pushed Cree to a new 52-week high earlier of $33.60 this week and boost shares overall 45 percent this year.
Inside the Bulldog Blog: Smart Online's top executive resigns; Cree offers 10-year warranty; HyperBranch completes trial signup; Mi-Co customer cuts data costs; FairPoint hires chief marketing officer.
The Durham-based company cracks $1 billion in revenues at age 25, but its top executive acknowledges that consumers aren't yet embracing LED lights. "The consumer is pretty straightforward on that," Chuck Swoboda says of coolness to LEDS at home. "I think we're just not quite there."