Cree shares hit an all-time high of more than $129 a share on Thursday. But on the same day it issued plans for a $500 million stock sale. The result: Cree shares fell some 4% in after-hours trading.
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Who better to explain the changing of Cree – a name applied to a semiconductor and LED venture dating back to 1987 – to Wolfspeed than Cree CEO Gregg Lowe?
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Cree sometime in the near future will have a new name: Wolfspeed. So announced CEO Gregg Lowe Wednesday evening during a conference call to discuss the tech company’s quarterly earnings, thus dropping one of the oldest names for a tech company in North Carolina.
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The semiconductor manufacturer posted revenue of $127 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $121.6 million.
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Ideal Indusries, which purchased Cree’s industrial lighting business in 2019, is closing a former Cree facility in Durham and laying off workers there.
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A report from Reuters news service saying Apple is plowing ahead with plans for an autonomous vehicle is giving a boost to North Carolina chip makers Cree and Qorvo.
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A bill that could mean $25 billion worth of investment for the US semiconductor industry that is backed by both IBM and Cree is still alive. So reports NY Senator Chuck Schumer.
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Shares in Cree slipped some 2% Monday after the semiconductor and powersupply firm was downgraded by a Wall Street analyst.
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Shares in Cree are jumping today following positive news from Wall Street giant JPMorgan. And WolfSpeed is a big reason.
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