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Cree (CREE) +9.7% following its FQ1 report. Results were ho-hum, and so was guidance: the...

Cree (CREE) +9.7% following its FQ1 report. Results were ho-hum, and so was guidance: the company expects FQ2 revenue of $320M-$340M and EPS of $0.27-$0.31 vs. a consensus of $333.6M and $0.30. But shares have been depressed, and Cree's improving gross margin (it rose 120 bps Q/Q to 37.5% in FQ1, and is expected to be around 38.5% in FQ2) is going over well. Needham sees the report as evidence Cree is executing well on its vertical integration plans. (transcript)
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