Cree Inc. (CREE) raised its adjusted earnings guidance for the third quarter Tuesday morning to a range of $0.31 to $0.36 per share from the prior forecast in the $0.30 to $0.35 per share range. The company also raised its third-quarter revenue guidance to a range of $335 million to $350 million from the prior estimate between $325 million and $345 million. The consensus estimates are for EPS of $0.33 and revenues of $336.06 million.
Cree gapped up sharply Tuesday and climbed steadily until mid-morning. The stock ended the session higher by 6.44 at $51.16 on strong volume. Cree surged past the upper end of a 1-month trading range and set a new high for the year.
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