“There will be no revival of Cree. The numbers are terrible there. It’s a sell, sell, sell.”

So said CNBC’s Jim Cramer during his “Mad Money” program Wednesday night.

A lot of other people shared that same thought after Cree’s earnings report on Tuesday. (Read details here.)The Durham-based company’s stock took a pounding on Wednesday.

Shares in the light emitting diode and semiconductor technology company fell the most in nine months after saying earnings and gross margin this quarter will be below analysts’ estimates.

Stock in the Durham-based company declined 12 percent to $24.31, the biggest loss since Jan. 19.

The price hit a low of $24.04 before shares rallied late in the day.

More than 10 million shares traded hands, more than twice the daily average.

Earnings in the fiscal second quarter will be 25 cents to 28 cents, excluding stock-based compensation, inventory acquired in the August purchase of Ruud Lighting Inc. and other one-time items, Cree said in statement yesterday. Analysts had expected 33 cents, the average of 27 estimates compiled by Bloomberg. Gross margin will be 37 to 38 percent, below the 38.5 percent analysts had expected.

Cree is facing low demand and pricing pressure for the company’s light-emitting diodes, and factory utilization remains low. As long as the global economy remains weak, it may be difficult for Cree to convince consumers to purchase more- expensive lighting products, said Jeffrey Bencik, an analyst at Kaufman Brothers in New York.

“With the overall global economy in a seriously compromised situation, you don’t have consumers willing to spend even $25 on an LED light,” Bencik said. He lowered his price target for Cree to $19 from $23 and has a “sell” rating on the shares and owns none.

In the first fiscal quarter ended Sept. 25, Cree reported revenue of $269 million, compared with $268 million a year earlier. Net income was $12.8 million, or 11 cents a share. Earnings excluding certain items were 25 cents a share, compared with 60 cents a year earlier.

(Bloomberg contributed to this report.)

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