At a P/E of 115 or so annual earnings growth is outpacing trailing P/E.
Ok. In that case CREE, with earnings of $0.87 per share shoud be selling at around $100. At the current price of $93 CREE is well within the daily fluctuations of the market.
For the year, the company reported record revenue of $108,562,000, an increase of 74 percent, compared to revenue of $62,401,000 in the prior year. Net income increased 145 percent to $30,520,000, or $0.87 per diluted share, compared to $12,438,000, or $0.41 per diluted share, (as adjusted for the company's 2-for-1 stock split in July 1999) reported for the year ago period.
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