CREE Shows Strength In Stock Market Selling
In the last two days Cree, Inc. (NASDAQ:CREE) has shown major upside potential. Yesterday, the stock was crushed in the first twenty minutes of the trading day, hitting a low of $32.55. From that point on, it ran higher, closing flat on the day. This was unique and showed strength because late yesterday, the markets sold sharply into the close. CREE weathered this selling in the markets and maintained the flat line.
Today, with the markets again taking a drastic hit, CREE opened slightly lower and within an hour was positive. It has continued to rally higher, trading at $34.19, +0.63 (+1.88%). This is another strong showing in a down market and most likely is telling Wall Street something positive is around the corner for the company. In addition, CREE is down from its 52 week high of $76.14. With over a 50% drop from its highs, it does show up as a possible oversold value play. This stock is one to watch.