Another very impressive quarter for Cree Inc (CREE) and traders are responding after hours by sending the stock up nearly 10% back to the big resistance area around 60. It will be interesting to see if it can take out that level and find a new level of support. I’m skeptical and if I were holding this stock into earnings, I’d be taking some profits off the table into the gap up tomorrow.
The company … Read the rest
Cree Inc (CREE) is holding up quite well despite a downgrade this morning from Morgan Joseph. The stock has been on a torrid run this year, so it’s not unusual for a few valuation downgrades to be issued. The firm downgraded CREE from Buy to Hold but raised estimates for this year and next. Hat tip to Street Insider for the following analyst comments.
“On Tuesday after the close of trading, we expect Cree to … Read the rest
Cree just announced that they have been awarded $39 million in tax credits as part of the Recovery Act Advanced Energy Manufacturing program. The tax credits will allow Cree to expand their business and hire more employees. Cree applied for the tax credits in October 2009.
In a press release, Michelle Murray, a spokesperson for the company, commented on the credits:
“This investment is part of Cree’s already-announced capital plans, and includes additional investments … Read the rest
Energy Focus Incorporated just announced that it has acquired Stones River Companies, LLC, a lighting energy services provider located in Nashville, Tennessee. The acquisition was completed on New Year’s Eve of 2009 and was valued at approximately $5 million. Stones River Companies will become a business unit of Energy Focus Incorporated, and Stones River Companies leader Rob Wilson will continue to manage the SRC unit.
In a press release, Mr. Joseph Kaveski, CEO, Energy … Read the rest
Cree just announced that its LED fixtures have been chosen to illuminate the National Air and Space Museum’s new “Moving Beyond Earth” exhibit. The museum selected Cree’s LR24 recessed LEDs for the exhibit, which contains exhibits on human spaceflight and space shuttles. Cree’s LEDs will replace high intensity discharge work lights.
In a press release, Gary Trott, Cree VP of market development, commented on the news:
“The Air and Space Museum installation shows the … Read the rest
This post is brought to you by Michael Cintolo of Cabot Green Investor and republished with permission. Cabot Green Investor is one of the top green stock publications available.
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Today’s investment idea is all about lighting. No, it’s not those curly compact fluorescents that are filled with MERCURY and require you to evacuate the room if you break one. The main reason we’ve got those today is that the energy savings sounded … Read the rest
A few analyst rating changes and coverage initiations this morning…
Barclays upgraded Suntech (STP), JA Solar (JASO) and Sunpower (SPWRA) to Overweight. All three are up about 8% today with STP and JASO breaking out of bases on the upgrade.
Wedbush Morgan isn’t quite as positive on Sunpower, lowering the price target from $29 to $21, but maintains its Neutral rating. Hat tip to StreetInsider.com for the following analyst comment:
“We believe investors do not … Read the rest
Cree just announced that they have signed an agreement with LED do Brasil Comercio de Produtos Eletronicos Ltda to help promote Cree’s LED products in Brazil, which is the 10th largest consumer of energy in the world.
In a press release, Vince Feorenzo, Cree sales director, explained more about the agreement:
“Led do Brasil will represent our LED components, from high-brightness to lighting-class XLamp® LEDs. We look forward to spreading the LED lighting revolution … Read the rest
Cree just announced that the company will be expanding its presence in China with a new manufacturing plant. Cree is purchasing a new 592,000 square foot facility in Huizhou, Guangdong Province, China. The facility will be used to produce chips (the first time Cree has produced chips overseas) and as a cornerstone for future expansion inside China.
In a press release, Chuck Swoboda, Cree chairman and CEO, commented on the company’s plans:
“This investment … Read the rest
Cree just announced that they have been selected to supply Walmart with LED light bulbs to be installed in new stores and in 650 existing stores that are being renovated. As part of the renovations in these stores, Cree LRP-38 LEDs are being installed in the produce and electronic sections to replace the existing ceramic metal halide lights.
In a press release, Neal Hunter, Cree LED Lighting president, commented on the news:
“Cree TrueWhite … Read the rest