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LED Business Not as Bright for Cree

Cree CREE reported disappointing fiscal first-quarter earnings and gave investors a relatively modest forecast for the December quarter, but we are maintaining our fair value estimate. The light-emitting diode chip and component maker reported revenue of $268 million for the quarter, up 1% sequentially and 58% from the year-ago quarter. However, this was below the company's forecast range of $270 million-$280 million announced in early August.

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