At 8:35 AM EST, Cree, Inc. (NASDAQ: CREE) is down 9.66% from $68.96 to $62.30. This drop follows an announcement from the company that outlines Q1 goals targeting revenue of $270 million to $280 million, trailing behind the Wall Street expectation of $283.96 million. The pre-market move comes during a 52-week range of $31.56 â€" $83.38 and the company has already traded 101,543 shares, compared with the average 3,113,390.
Cree, Inc. is an LED lighting company based in Durham, North Carolina. The company announced a Q4 net income increase of 268% year-over-year to $60.1 million.
-Michael B. Sauter
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