With all of recent Wall Street turmoil, many stock charts are just plain ugly. That’s not the case with Cree Inc., which at press time was still enjoying a year-to-date increase of almost +21% in its most recent share price to $45.86.
The company’s stock volume shot up in October after it release a mostly positive 1Q 2019 financial report, with quarterly revenues up +13% for the quarter. At that time, Cree also announced it had inked an $85 million deal to produce and supply its Wolfspeed silicon carbide wafers to one of the world’s leading power device companies.
Cree’s stock price increase year-to-date (YTD) also recently smashed through the YTD trendlines of both the S&P and NASDAQ Indexes.
Much of the company’s growth appears to be coming from its Wolfspeed business unit, which produces silicon carbide wafers and other semiconductor products and not its Lighting Business unit. In the company’s 2017 fiscal year, its Wolfspeed revenues that account for 22% of total revenues were up +49%, while its Lighting Products revenues, which account for 38% of sales, were down -19%.
Said Gregg Lowe, the company’s CEO, in Cree’s 1Q 2019 financial report, ““This is an excellent result given the headwinds facing the businesses related to tariffs and global trade tensions.”