Thursday, February 4, 2010

Cree Slides As Merriman Turns Cautious On LED Sector (CREE)

The stock is down 4.69% at $57.13 and is down $5.48 ($8.75%) since it's Jan. 21 $62.61 close, the day we posted "Is Cree, Inc. (CREE) Likely to Burn Out?".
From Tech Trader Daily:

Cree (CREE) shares are under pressure this morning after Merriman Curhan Ford analyst Bill Ong turned cautious on the LED sector. He cut his ratings on both Cree and Aixtron (AIXG) to Neutral from Buy.

“We are taking a more cautious stance on the pure-play LED stocks as we believe Aixtron and Cree’s stock have priced-in a solid growth year for 2010,” he writes in a research note. “We are also concerned that the LED industry could reach an over capacity condition by mid-to-late 2010...MORE
Our January 19 post, "Cree Crushes Street Estimates; Stock Leaps (CREE)" has links to a lot of our CREE posts.