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Technology Stocks : Cree Inc.
CREE 35.82+3.7%10:44 AM ESTNews

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To: robert b furman who wrote (9741)6/25/2015 10:38:09 AM
From: robert b furman   of 9783
 
Here's why the drop:

  • July copper rose $0.01 to $2.62/lb
  • 4:01 pm Cree announces LED Business restructuring, $500 mln stock buyback authorization and FY16 annual operating plan ( CREE) : Co announces board of directors has approved:


    A $500 mln stock buyback authorization for FY16
    A restructuring of the LED Products business
    Due to recent LED market trends that have resulted in higher LED average selling price erosion than previously forecast and the continued under-utilization of Cree's LED factory, co has decided to restructure the LED Products business to reduce excess capacity and overhead to improve the cost structure moving forward. Additionally, co is increasing LED reserves to reflect the more aggressive pricing environment experienced in the current quarter, and to factor in a more conservative pricing outlook for FY16. The restructuring charges are targeted to be ~$85 mln
    Revenue to increase to $1.8 mln+/- Non-GAAP operating margin increasing to ~8% Free cash flow of ~$75 mln

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