Posts tagged “Cree”
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.
Cree and RTI International will embark on new Department of Energy research projects into solid-state lighting after landing grants of $1.5 million and $450,000 respectively. But each organization is also contributing to project costs.
Cree launched with fanfare a touted light-emitting diode (LED) replacement for fluorescent tubes but on Thursday the Durham-based company recalled 700,000 of them due to a "burn hazard" from overheating and melting.
Apple-IBM apps for Watch go enterprise IT; Uber loses in France; FAA apps target delays; PayPal going mobile; PowerSecure solar at Cree
In today's Bulldog wrapup of technology news: Apple and IBM unveil enterprise apps for the Watch; Uber loses legal case in France; PayPal is going mobile; the FAA hopes apps will fight flight delays; and PowerSecure teams with Cree for a solar project in Durham.
Cree plans to split into two companies, disclosing plans Monday to spin off its profitable power and radio frequency chip business. It already has hired an executive to serve as CEO - Triangle tech veteran Frank Plastina. The move will help current Cree management to focus on its LED business while at the same time generating capital for the power and RF subsidiary, the company says. Wall Street immediately sent Cree shares up 4 percent.
Cree could very well cash in on the proposed spin-off of its Power and RF (radio frequency) businesses. While the group makes up only 6 percent of Cree's annual revenues, its products have a high gross profit margin. And Cree's top exec recently predicted continued growth while LEDs face challenges.
Cree theft ring?; Triangle rates high in tech jobs; Twitter tumbles; Samsung falters; leather-backed LG phones
In today's Bulldog wrapup of technology news: Three Cree employees have been charged will running a theft operation in Wisconsin; Raleigh and Durham metros score well in tech jobs survey; Twitter stock plunges; Samsung profits take huge hit; and new LG phones will include leather backs.
Cree markets the idea that its LEDs have reinvented the light bulb. Now, the Durham-based tech firm says it is setting new standards for office lighting with "WaveMax" LEDS and fixtures.
If you were struck by the image of bologna frying on a conventional light bulb but not sizzling when draped over a Cree LED bulb, you weren't alone. After two years of major investing in marketing, Cree's top executive says his company's brand is becoming well known.
CoLucid Pharma leaves RTP; Cree LEDs for rural areas; new Samsung, HTC phones; 'Voice'-like app; PayPal's fine
In today's Bulldog wrapup of technology and life science news: CoLucid Pharmaceuticals leaves the Triangle; Cree targets rural areas with new LEDs; new Samsung and HTC phones coming April 10; a new "American Idol"- or "Voice"-like app launches; and PayPal pays $7.7 fine.