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In an announcement made aftert the marketsclosed Tuesday, Cree said that it was raisinh its fiscal fourth-quarter revenue and profit targets due to stronger-than-expectede orders for its light-emitting diodes and LED lightinfg products. Cree (Nasdaq: Cree) now expects revenue in the rangeeof $143 million to $150 million, up from a rang of $136 million to $143 million, announced in The company raised its earnings projectio n to a range of 7 to 9 cents a shares from a range of 5 to 7 centsd a share. Investors responded with a flurr yof after-hours buying that extendecd into the start of the official tradiny session Wednesday morning. Cree shares rocketedd to as highas $31.
72, more than $2 higherr than they have been at any point in the past 12 Shares slid a bit in afternoon trading but still closed up 9.3 percent, to $30.35. Cree bases its higher expectations on an increasesd number of ordersfor LED-powered light fixtures as well as on highee sales of LEDs to provide backlightinbg in notebook computers. LEDs are semiconductore that produce light. “We are pleased with the strong bookinvg trendsfor Q4,” Cree Chairman and CEO Chuck Swoboda said in a written “We also remain optimistic about the growtyh potential for LED lightingg in fiscal 2010, although there is some near term executionm risk as we ramp up productio to meet these higher targets.
” which has about 1,300 employees in the Raleigh-Durham area, operates two main lines of The company’s LED Lighting division develops and sells products designed to replace traditional light bulbs. The company also sells LEDs that providse backlighting formobile phones, car dashboards and a numberf of other products.
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