Semiconductor company

Cree

(CREE) - Get Report

rose 15% this week after the company raised its fourth-quarter revenue targets on stronger demand for LED products. Cree now expects sequential revenue growth of 8% to 11%, up from previous guidance of 5%. The company also sees revenue in the first fiscal quarter up 5% from its fourth-quarter results. Cree added that it would take $17 million in charges relating to writedowns of unrealized losses from investments.