Cree (CREE +2.1%) is higher on a day when Siemens (SI) announced it plans to cut 4,700 jobs at...

|By:, SA News Editor

Cree (CREE +2.1%) is higher on a day when Siemens (SI) announced it plans to cut 4,700 jobs at its Osram lighting unit, which competes with Cree in LED lighting, ahead of a spinoff. Though many of the cuts involve factories making traditional lighting products, a Reuters column noted Osram could try to boost profitability by procuring LED chips from third-parties. If Osram went in that direction, Cree would be a potential supplier. LED equipment firms Veeco (VECO -3.7%) and GT Advanced (GTAT -2.6%) are off today.