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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: SusieQ1065 who wrote (5199)	5/18/2001 3:17:29 PM
From: keithcray	Read Replies (1) \| Respond to of 5732

You going to short VRSN?

To: SusieQ1065 who wrote (5199)	5/18/2001 6:00:21 PM
From: keithcray	Respond to of 5732

Dow Jones Newswires -- May 18, 2001 Dow Jones Newswires Cree Up 11%: Co Courting Institutional Investors - CEO Dow Jones Newswires By Kaja Whitehouse of DOW JONES NEWSWIRES NEW YORK -- Semiconductor equipment maker Cree Inc.'s (CREE) shares jumped 11% Friday in a second straight day of double-digit gains, amid recent courting of institutions by Cree officials. Cree has been "stepping up the conversation" with Wall Street about its business ever since it reported fiscal third-quarter earnings last month, said Neal Hunter, chairman and chief executive. And it appears Wall Since likes what it's been hearing. Shares of the Durham, North Carolina company have been on the rise this month. The stock has almost doubled in the past month when the stock was trading at around $18 a share. According to Hunter, the gains started after the company's analyst day, on May 8. Since then officials have been one the road "trying to emphasize" the company's financial outlook and its product lineup, Hunter said. This week Cree officials have been in Boston in New York, and next week they will be flying to the West Coast, Hunter said. Cree shares were recently higher $3.40, or 11%, to $34.20, on volume of over 5 million. Daily average volume is 2.5 million. Institutional investors indeed appear to be interested, based on the number of block trades that have crossed the tape. At last count, there were 42 between 10,000 and 50,000, one between 50,000 and 100,000 and one over 100,000. Trading was also bullish on options trading floors Friday. Bullish options trading is often a sign that investors expect a stock to rise and has been known to precede acquisitions. On the subject of Cree as a takeover target, Chairman and CEO Hunter said Cree, while always open to opportunities, isn't in "active conversations." Recent gains are due to the company's efforts to get its name out, he said. In options trading Friday, at least one investor was buying near-month, out-of-the-money calls and selling long-term options that expire in 2003 - usually a sign the investor expects stock to appreciate in the near term. Cree's June 35 calls traded 229 contracts at the Chicago Board Options Exchange and 219 contracts at the American Stock Exchange, compared with open interest of 683. These calls jumped $1.65 to $2.60 at the CBOE. Alex Gauna, analyst at Banc Of America Securities LLC, attributed "powerful moves" in Cree shares since its analyst day on May 8 in part to strong products in its pipeline. Cree recently announced a new display light called 10 mW MegaBright, which is suppose to be twice as bright as its other light products, and comparable to its competitors. -By Kaja Whitehouse, Dow Jones Newswires; 201-938-5393; kaja.whitehouse.dowjones