$CREE is under pressure technically and broke under a key uptrend line. Just looking at the chart and you can see that $CREE has been making lower highs and lows. We believe $CREE is going under $40 and will test new 52 week lows. This all comes after $CREE delivered disappointing Q1 earnings and forecast a loss in Q2. Here are the highlights:
Cree (NASDAQ:CREE) beat Q1 estimates despite a 12% Y/Y revenue decline. The downside Q2 guidance sees revenue of $234-240M (consensus: $244.17M) and a loss per share of $0.07 to $0.11 (consensus: $0).
Q1 Wolfspeed revenue totaled $127.7M versus the $128.6M consensus. LED revenue was $115.1M compared to $114.2M.
As always, use protective stops and trade with caution.
Good luck to all!
Cree (NASDAQ:CREE) beat Q1 estimates despite a 12% Y/Y revenue decline. The downside Q2 guidance sees revenue of $234-240M (consensus: $244.17M) and a loss per share of $0.07 to $0.11 (consensus: $0).
Q1 Wolfspeed revenue totaled $127.7M versus the $128.6M consensus. LED revenue was $115.1M compared to $114.2M.
As always, use protective stops and trade with caution.
Good luck to all!
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We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/