(Cree earnings outlook story update for Gabelli outlook, gross margin estimates, Canaccord LED market outlook)NEW YORK ( TheStreet) -- Shares of LED bellwether Cree ( CREE) continued down to yet another new 52-week low during trading on Thursday, as one more bearish CREE earnings outlook was released. Trading in Cree shares was elevated for the second straight day, and Cree shares traded as low as $40.44 on Thursday morning, though by the afternoon the 52-week low level for Cree was at $40.70. Cree announced on Tuesday that it will report its earnings next Tuesday, April 19. The Cree earnings preview game from Wall Street has begun, and one Cree earnings preview report out on Wednesday from long-time Cree bear Brigantine Advisors was pointed to as one factor further pressuring Cree shares. On Thursday, Gabelli Securities, another Cree bear, released its earnings preview and predicted continued gross margin compression for Cree into 2012. Cree shares have declined to a series of new 52-week lows since March 22, when the LED company lowered its guidance for the upcoming quarterly results, the latest in a string of earnings disappointments for Cree. Cree has trended down in trading every day this week; even though it's seen a succession of new 52-week lows, there has been no buy on the weakness ahead of earnings.