The stock just closed at $59.81, down 13.27%.
Back in January Brigantine analyst Ramesh Misra slapped a sell on Cree the day earnings were to be released.
The next day the stock closed at $63.59, up 17.30%.
He pulled a similar stunt in reverse with First Solar the day of an earnings release. Went to "buy".
As the British nature shows used to say about the wildebeest and the lions:
"Sadly now, there can be but one outcome."
FSLR dropped from $125.66 to $100.19 over the next few weeks.
From Tech Trader Daily:
Cree (CREE) shares are taking a drubbing on disappointing guidance for the LED lighting company’s fiscal first quarter ending in September....See also:
...The Street was not happy with the miss. UBS analyst Stephen Chin this morning cut his rating on the stock to Neutral from Buy; his new price target on the stock is $64, down from $83. He notes that the September quarter guidance was $20 million below his old forecast; he blames the shortfall one third on lower lighting sales in Europe, and two thirds due to lower sales into the consumer market, where LEDs are used primarily for backlighting in LCD televisions. He writes that the download today reflects”uncertainty” on how long a current inventory correction in the consumer electronics segment of the business will last....MORE, including Mr. Misra's comment.