LED lighting maker Cree (CREE) hit the dimmer switch on its outlook, and its stock took a dive on Thursday. Cree stock was down nearly 11%, near 27, in early afternoon trading in the stock market today and touched a more than 2.5-year low. Late Wednesday, Cree announced a plan to restructure its LED business and issued revenue guidance for its June quarter that was well below Wall Street’s targets. “Due to recent LED market trends that have
Following Cree’s (CREE) announcement Thursday that it is voluntarily recalling its tube-shaped T8 fluorescent lamps, one analyst questions whether consumers will shy away from purchasing the LED lights. The North Carolina-based lighting manufacturer said the problem with the T8 LEDs stems from electrical resistance between a spring contact and the printed circuit board. The resistance can lead to electrical arcing, which can cause the light to
Cree (CREE) announced Monday that it will spin off its Power and Radio-Frequency Products (RF) subsidiary in an initial public offering. The LED lighting maker said it submitted a draft registration statement to the Securities and Exchange Commission for an IPO. Cree didn’t disclose how much it plans to raise from the IPO or how many shares it will sell or the price. The Power and RF subsidiary is raising capital to invest directly in the business