NEW YORK (TheStreet) -- Shares of Cree Inc. (CREE) are higher by 4.59% to $48.29 on Thursday after the company, which is involved in developing and manufacturing semiconductor equipment and other materials, announced its next generation XP LED.
"The XLamp XP-L Led, is the first commercially available single die LED to achieve breakthrough efficacy up to 200 lumens per watt," the company said.
Cree calls the XLamp XP-L Led "game changing" and says it enables an immediate performance increase of 50% or more as a drop-in upgrade for lighting designs based on Cree's market leading XLamp XP-G LEDs.
Must Read: Warren Buffett's 25 Favorite Stocks
"With its high optical control factor, the XP-L will enable lighting manufacturers to improve the performance of existing lighting designs in the XP footprint, reduce the size and cost of new designs and create innovative new solutions to address applications ranging from lamps to stadium lighting," Cree said.
TheStreet Ratings team rates CREE INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CREE INC (CREE) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year."