Why Shares of Cree, Inc. Popped 21% Today
Shares of LED maker Cree, Inc. (NASDAQ: CREE) jumped as much as 20.9% in trading Wednesday after the company reported fiscal first-quarter 2018 results. The company posted a surprise profit and said its business outlook may be getting better as well. At 3:55 p.m. EDT, shares were still up 16% for the day.
Revenue fell 3% from a year ago to $360.4 million, but Cree's net income for the quarter was $4 million, or $0.04 per share on an adjusted basis. Analysts were expecting $361 million in revenue, so the top line was a bit disappointing -- but they also expected a loss of $0.03 per share, and the company easily beat that.
Source: Fool.com
Wolfspeed Inc. Stock
The community is currently still undecided about Wolfspeed Inc. with 1 Buy predictions and 0 Sell predictions.
With a target price of 9 € there is a slightly positive potential of 5.13% for Wolfspeed Inc. compared to the current price of 8.56 €.