You will find on the CNBC Video that not only don't they give a reason for the price decline, but they also don't know what CREE does.
Despite doing a special on it two nights ago, tonight their NASDAQ guy explains that CREE is down after hours, and then sez that they are the "company that makes those LED displays you see at the Republican Convention." When, oh, when did CREE put in a flat panel, LED display line? What reporting fools.
Which is why we have the price decline we see today. Somebody with private placements coming off restriction, or Nitre folks start selling and all the weak hands and MoMos get nervous and join the act. So, then the clowns come out with their 21 point (or however many it was) FUD pieces, and the weak hands just coming home from work can't wait to drop their shares after hours.
Few of these folks know what the company actually does, could tell you what the earnings report showed, or anything else about the company.
I mean, they just had a conference call and said the backlog was at it's highest, growth going forward would be in the 60s or better. If they were making this stuff up, then forgetaboutit, cuz we'd be more worried about counting lawsuits than LEDs.
Marc |
