(CREE) - Get Report

said Thursday that it is expanding its stock buyback plan by 3 million shares.

The semiconductor materials maker will increase its stock repurchase program to cover a total of 7 million shares. The company has about 74 million shares outstanding. Yesterday,

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took a deeper look at recent

corporate buyback activity.

Earlier this month, Cree

reaffirmed its third-quarter earnings projections, but pointed to a possible slowdown in the fourth quarter.

Shares of Cree, which is based in Durham, N.C., gained 16 cents, or 1.1%, to $15.32 in recent