rjm77me's Blog : Buyer of CREE at or about 20.75 = getting hit after hours

CREE  once a high flyer has crashed to earth and still can be bought out by some one like GE or some one other who wants to be LED business. LED is the future and may take few years to turn around. It may be China manufacturers are kicking the butt out of CREE and VECO Cree misses by $0.01, misses on revs; guides Q3 EPS, revs below consensus (23.33 +0.43) Reports Q2 (Dec) earnings of $0.25 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.26; revenues rose 18.3% year/year to $304.1 mln vs the $309.61 mln consensus, non-GAAP gross margin of 35.3%. Co issues downside guidance for Q3, sees EPS of $0.18-0.25, excluding non-recurring items, vs. $0.30 Capital IQ Consensus Estimate; sees Q3 revs of $290-310 mln vs. $320.64 mln Capital IQ Consensus Estimate, non-GAAP gross margin 35-36%. Accounts receivable (net) decreased $9.3 million from Q1 of fiscal 2012 to $156.4 million, with days sales outstanding of 46. Inventory decreased $16.3 million from Q1 of fiscal 2012 to $187.4 million and represents 85 days of inventory.