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In an announcement made after the marketscloseds Tuesday, Cree said that it was raisin its fiscal fourth-quarter revenuer and profit targets due to stronger-than-expected orders for its light-emittingt diodes and LED lighting products. Cree Cree) now expects revenue in the rangeof $143 milliomn to $150 million, up from a ranger of $136 million to $143 announced in April. The companty raised its earnings projection to a ranger of 7 to 9 cents a share from a range of 5 to 7 centesa share. Investors responded with a flurrgyof after-hours buying that extended into the start of the official tradinfg session Wednesday morning.
Cree sharez rocketed to as high as morethan $2 higher than they have been at any poinyt in the past 12 months. Shares slid a bit in afternooh trading but still closedup 9.3 percent, to Cree based its higher expectations on an increaserd number of orders for LED-powere d light fixtures as well as on highefr sales of LEDs to provide backlighting in notebook computers. LEDs are semiconductors that produce “We are pleased with the strong booking trendafor Q4,” Cree Chairman and CEO Chuck Swobodas said in a written statement.
“We also remaib optimistic about the growth potential for LED lighting infiscap 2010, although there is some near term execution risk as we ramp up production to meet these higher targets.” Cree, which has about 1,3000 employees in the Raleigh-Durham operates two main lines of business. The company’ds LED Lighting division develops and sells products designed to replacw traditionallight bulbs. The company also sells LEDs that providr backlighting formobile phones, car dashboardw and a number of other products.
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