Cree (CREE) Announces Restructuring of LED; Canaccord Genuity Cuts Price Target to $28
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Cree (CREE) Continues to see LED Pricing Pressure; UBS Cuts Price Target to $30.50
June 25, 2015 9:00 AM EDTUBS reiterates a Neutral rating on Cree (NASDAQ: CREE), and cut the price target to $30.50 (from $35.00), as LED chip business continues to see pressure. Cree reported that its Jun-15 quarter sales would be $375M, which is 13% lower than its original guidance. Analyst Stephen Chin believes that LED chip weakness was from lower... More
Cowen Cuts Price Target on Cree (CREE) Following Announced LED Restructure
June 25, 2015 7:50 AM EDTCowen reiterates a Market Perform rating on Cree (NASDAQ: CREE), and cut the price target to $25.00 (from $27.50), after CREE announced that it is restructuring its LED product business. The board also approved a $500mn stock buyback for 2016.
Analyst Jeffrey Osborne commented, "CREE... More
Oppenheimer Maintains Perform Rating Following Announcements made by Cree (CREE)
June 25, 2015 7:12 AM EDTOppenheimer reiterates a Perform rating on Cree (NASDAQ: CREE) following several announcements. CREE announced lower than expected FY16 guidance and a new $500M share buyback plan. CREE also blamed an industry-wide worse-than-expected LED pricing pressure for struggles.
Analyst Andrew Uerkwitz commented, "Today, June 24th, CREE announced... More
After-Hours Stock Movers 06/24: (CBLI) (MLHY) (DIS) Higher; (CREE) (BBBY) (more...)
June 24, 2015 6:07 PM EDTCleveland BioLabs, Inc. (NASDAQ: CBLI) 25.4% HIGHER; entered into a definitive stock purchase agreement with an accredited investor, David Davidovich, a venture capital investor, pursuant to which the Company agreed to issue and sell to the Purchaser, subject to customary closing conditions, an aggregate of 6,459,948 shares of the Companys common stock, par value $0.005 per share, for an aggregate purchase price of $24,999,998.76, or $3.87 per share.
Herman Miller, Inc. (NASDAQ:... More
Cree (CREE) to Restructure LED Business; Approves $500M Common Buyback
June 24, 2015 4:04 PM EDTCree (NASDAQ: CREE) announced that the board of directors has approved the following:
A restructuring of the LED Products businessA $500 million stock buyback authorization for fiscal year 2016The fiscal year 2016 annual operating plan that targets:Revenue to increase to $1.8 billion +/-Non-GAAP operating margin increasing to approximately 8%Free cash flow of approximately $75 millionDue to recent LED market trends... More
