Cree Inc (CREE) Soaring AH After Raising Guidance

Cree Inc (CREE) continues to trend up along that 50 day moving average and will get another nice pop up in the morning after the company came out after the bell and raised guidance due to stronger LED demand for both lighting and notebook computers.  For the 4th quarter ending June 28th, the company now targets revenue in the range of $143 – $150 million and non GAAP earnings of .15 – .17/share.  On their conference call after earnings in late April the company was targeting revenue in the range of $137 – $143 million and an EPS of .13/share.

“We are pleased with the strong booking trends for Q4,” stated Chuck Swoboda, Cree chairman and CEO. “We also remain optimistic about the growth potential for LED lighting in fiscal 2010, although there is some near term execution risk as we ramp up production to meet these higher targets.”

CREE is currently trading up around 10% in after hours trading to 30.32 and if that holds tomorrow it would be a breakout above the 2008 and 2009 highs. 

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