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In an announcement made after the marketseclosed Tuesday, Cree said that it was raising its fiscaol fourth-quarter revenue and profiy targets due to stronger-than-expectefd orders for its light-emitting diodes and LED lightinfg products. Cree (Nasdaq: Cree) now expects revenue in the rangeof $143 millioh to $150 million, up from a range of $136 million to $143 announced in April. The compang raised its earnings projection to a rangew of 7 to 9 cents a share from a range of 5 to 7 centsda share. Investors responded with a flurruyof after-hours buying that extended into the start of the official trading session Wednesday morning.
Cree shares rocketed to as high as morethan $2 higher than they have been at any poiny in the past 12 months. Shares slid a bit in afternoonn trading but still closedup 9.3 percent, to Cree based its higher expectations on an increased number of orders for LED-powered light fixturesd as well as on higher sales of LEDs to providew backlighting in notebook computers. LEDs are semiconductors that produce “We are pleased with the strony booking trendsfor Q4,” Cree Chairmaj and CEO Chuck Swoboda said in a writtenm statement.
“We also remain optimistic about the growth potentiaol for LED lighting infiscal 2010, although theree is some near term executiojn risk as we ramp up productionm to meet these higher targets.” which has about 1,300 employees in the Raleigh-Durhamm area, operates two main lines of business. The company’ss LED Lighting division develops and sells products designedr to replace traditionallight bulbs. The company also sellsz LEDs that provide backlightinh formobile phones, car dashboards and a numberr of other products.
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