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Stock Alert: Cree Declines 7%

Shares of semiconductor products company Cree, Inc. (CREE) are down more than 7% Friday morning, continuing its downward trend from the previous day.

CREE has lost nearly 13% since it reported third-quarter results on April 29.

The company expects the COVID-19 crisis to continue to adversely impact in the fourth quarter.

For its fourth quarter, Cree targets revenue in a range of $185 million to $215 million and adjusted loss is expected to be in a range of $0.15 to $0.23 per share. The consensus estimate for earnings is at $0.19 loss per share on revenue of $198.58 million.

Revenue for the third-quarter decreased 21% year-on-year to $215.5 million on lower Wolfspeed revenue and LED products revenue driven by slowdown of the Chinese economy during the COVID-19 outbreak.

However, adjusted loss per share of $0.14 beat average estimate of analysts polled by Thomson Reuters at $0.15 loss per share.

CREE currently trading at $40.15. It has traded in the range of $27.77- $68.82.

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