Cree Inc. (CREE). The LED maker reported a steep decline in first-quarter profit that missed Wall Street's expectations as stiff competition hurt pricing and kept inventories high and also forecast a tepid second quarter. Profit for the quarter fell by 78 percent to $12.8 million, or 11 cents per share, from $58 million, or 53 cents per share, in the year-ago period.
CREE is down 1.25 to 26.45 premarket.
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