Cree Jumps On Takeover Rumors

Cree Research (CREE) shares jumped Friday on rumors that the company might be acquired.

The web site TheFlyOnTheWall.com reports that there is “unconfirmed chatter” about a possible takeover bid from General Electric (GE). Triangle Business Journal reports Friday that both G.E. and Philips have previously been rumored to be interested in Cree, a maker of light-emitting diodes used for household lighting products, among other things.

Cree Friday gained $2.30, or more than 9%, to $26.60.

CREE 1-yr chart:

Comments

[gordon:]

My take: it's the usual rumor for a PUMP 'N DUMP by probably Fidelity(check major holders), owning 10+million shares, and a dismal performance with CREE hitting lows, they needed to dump some on a 10% short-squeeze spike, it goes like this: call a desk, float it to Bloomberg, bingo.! GE denies...

2007 Sep 02 10:16 PM