Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Watch the LED’s in the AM

|Includes:Cree, Inc. (CREE), LEDS, RBCN, VECO

 Rubicon (NASDAQ:RBCN) reported after the bell and easily beat the street.  Fourth quarter EPS came in at 64 cents  versus the street at 50 cents, while  reporting revenues of $29.5 million versus the street at $26.8 million.

The company’s fiscal first-quarter outlook was also strong as it forecast earnings of 62 to 65 cents a share for the three months ending in March vs. the current average analysts’ view of 52 cents a share.

Rubicon is up about 20% after hour’s, but here’s the kicker:

Can you say short sqeeze

That’s right RBCN’s short interest is 62%, so watch out tomorrow as 20% up could just be the beginning.  Also, keep an eye on the other LED names, CREE, VECO, AIXG, and LEDS as this number may put a little giddy up in the whole crew.  AIXG which also reports at the end of the month so the RBCN beat should mean clear sailing into 3/1/11.

With the strength of this number and the short interest in RBCN I think it will be reasonable to say new 52 week highs in the near future.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.