CREE - lights out

With earnings missing market expectations, Cree (CREE) opened sharply lower, settling lower by a very severe -17.7% @ $27.26. Broader trend remains weak, with next support around $25, but $20 looks viable within 2-3 mths.


CREE, daily

Summary

Little to add.

CREE is a company I like, who can't like light bulbs, right?

However, the company is having real problems, although remains 'reasonably' profitable with good sales revenue. It is simply just not enough to please Mr Market.

CREE looks headed for $25 (as I noted some months ago), and if the main market slips <sp'1800, then CREE will likely test the Dec'2011 low of $20.25
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A fine company for the long term... but I ain't interested until another 40% lower.