Cree Inc. (CREE) reported second quarter adjusted EPS of $0.33 after the close Tuesday, which topped the consensus estimate of $0.22. Third quarter non-GAAP EPS is expected to be between $0.21 and $0.25. Analysts are expecting EPS of $0.21.
Cree gapped open higher Wednesday, but pulled back in early trade, before settling into a range. The stock ended the day higher by 1.54 at $33.88 on the highest volume in 3 months. Cree rose to its highest level since early December.
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