Cree's Strength Makes Short-Sellers' Worst Dreams Come True
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It turns out that investors who were short shares of Cree Inc. and may have covered their positions yesterday were right to worry.
The semiconductor and lighting company jumped more than 5 percent, rising a fourth day, after beating first quarter estimates. Today’s gain comes on the heels of yesterday’s bump, which some analysts attributed to short covering by investors ahead of Cree’s earnings report. Cree is outperforming the Philadelphia Semiconductor Index (SOX) index for a second day.