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To: Dealer who wrote (54642)	8/22/2002 12:05:39 PM
From: Dealer	Read Replies (1) \| Respond to of 65232

CREE--RESEARCH ALERT-UBS Warburg cuts Cree NEW YORK, Aug 22 (Reuters) - UBS Warburg cut its investment rating on Cree Inc. (NasdaqNM:CREE - News), which makes light-emitting diodes (LED) used in electronics devices, to "reduce" from "hold," citing excessive optimism about the demand for the company's products in new color screens on wireless phones. "Although our research indicates unit volumes will be healthy in coming quarters as color handsets featuring Cree LEDs fill shelves, we have concerns surrounding the sell-through potential of these higher-priced handsets and competitive threats from Taiwanese and Japanese rivals," wrote Alex Gauna. Cree shares closed at $16.91 in Wednesday's Nasdaq trading.