The semiconductor materials manufacturer said its new LEDS are a more effective way to achieve low-cost systems than its mid-power LEDs.
"Using Cree's high-reliability ceramic package technology, the XLamp MH-B LED is able to operate at higher temperatures than MP LEDs with no reduction in rated lifetime, enabling an impressive 60 percent reduction in heat-sink size and cost. Using up to 26 times fewer LEDs than MP LEDs to achieve the same level of performance, the XLamp MH-B is optimized to simplify LED system designs for applications where multiple MP LEDs are currently used," the company said.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Additionally, Cree also announced that it has filed a lawsuit in the U.S. District Court for the Western District of Wisconsin in order to prevent the companies Harvatek Corp. and Kingbright Corp. from infringing on its patented intellectual property.
Shares of Cree are up 0.12% to $41.15 in mid-morning trading on Tuesday.
Separately, TheStreet Ratings team rates CREE INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CREE INC (CREE) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. 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, good cash flow from operations, growth in earnings per share and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."