On Friday, Cree, Inc. (NASDAQ:CREE)’s shares inclined 0.22% to $27.00.
Cree, Inc. (: CREE), a market leader in LED lighting, recently declared revenue of $382 million for its fourth quarter of fiscal 2015, ended June 28, 2015. This represents a 12% decrease contrast to revenue of $436 million stated for the fourth quarter of fiscal 2014, and a 7% decrease contrast to the third quarter of fiscal 2015. GAAP net loss for the fourth quarter was $88 million, or $0.83 per diluted share, contrast to GAAP net income of $30 million, or $0.24 per diluted share, for the fourth quarter of fiscal 2014. On a non-GAAP basis, net loss for the fourth quarter of fiscal 2015 was $21 million, or $0.19 per diluted share, contrast to non-GAAP net income for the fourth quarter of fiscal 2014 of $51 million, or $0.42 per diluted share. During the fourth quarter of fiscal 2015, Cree recognized $84 million of costs related to the LED business restructuring that was declared on June 24, 2015. The restructuring charges comprised of $27 million of LED revenue reserves, $11 million of LED inventory reserves and $46 million of factory capacity and overhead cost reductions. The revenue and inventory reserves are comprised of in both the GAAP and non-GAAP results, while the capacity and overhead charges are comprised of in the GAAP results only.
For fiscal year 2015, Cree stated revenue of $1.63 billion, which represents a 1% decrease contrast to revenue of $1.65 billion for fiscal 2014. GAAP net loss was $64 million, or $0.57 per diluted share, contrast to $124 million of net income, or $1.01 per diluted share, for fiscal 2014. On a non-GAAP basis, net income for fiscal year 2015 was $72 million, or $0.64 per diluted share, contrast to $203 million, or $1.65 per diluted share, for fiscal 2014.
Cree, Inc. develops, manufactures, and sells lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. The company’s LED Products segment provides blue and green LED chips that are used in various applications, counting video screens, gaming displays, function indicator lights and automotive backlighting, headlamps, and directional indicators; LED components comprising packaged LED products for lighting applications, and surface mount and through-hole packaged LED products for video, signage, general illumination, transportation, gaming, and specialty lighting applications; and silicon carbide (SiC) materials, which are used in manufacturing products for RF, power switching, gemstone, and other applications. Its Lighting Products segment offers LED and traditional lighting systems for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting, parking structures, and other applications.
E*TRADE Financial Corp (NASDAQ:ETFC)’s shares gained 0.78% to $28.53.
E*TRADE Financial Corporation (ETFC) declared results from the most recent wave of StreetWise, E*TRADE’s quarterly tracking study of practiced investors. Results show investors have grown increasingly more negative toward the market, with bearish sentiment the highest it has been all year.
A noteworthy portion of the population also has a negative view on Federal Reserve rate enhances, where nearly one in three practiced investors believe a rate hike would hurt their portfolio.
Mr. Loewengart offered the following general insights for investors concerned about Fed rate hikes:
- Ladders may assist.A bond-laddering strategy is a mix of short, intermediate, and long-term bonds, which may assist reduce interest-rate risk in a rising interest rate environment. With this strategy, an investor creates a portfolio of fixed income with different maturities in an effort to provide compriseent income and price stability as rates rise.
- There may be opportunities outside of bonds.Bonds are not the only asset class affected by rate hikes. Investors may also consider exploring stocks in industries and sectors likely to benefit from rising rates, such as industrials, financials, and real estate.
- Diversify, diversify, diversify. As with any portfolio, diversification remains a key ingredient for success. Diversifying across markets and within asset classes may reduce a portfolio’s sensitivity to rate hikes.
E*TRADE Financial Corporation, a financial services company, provides brokerage and related products and services primarily to individual retail investors under the E*TRADE Financial brand name. It operates through two segments, Trading and Investing, and Balance Sheet Administration. The Trading and Investing segment offers retail brokerage products and services, investor-focused banking products, and corporate services. The Balance Sheet Administration segment manages asset allocation; loans formerly originated by the company or purchased from third parties; deposits and customer payables; and credit, liquidity, and interest rate risk.
At the end of Friday’s trade, Akamai Technologies, Inc. (NASDAQ:AKAM)‘s shares dipped -0.64% to $73.37.
Akamai Technologies, Inc. (AKAM) declared that in a unanimous decision the U.S. Court of Appeals for the Federal Circuit sitting en banc held that Limelight Netoperates, Inc. is liable for direct infringement of a content delivery patent asserted by Akamai. In 2008 a jury had returned a verdict that Limelight was infringing the patent and awarded Akamai over $45 million in damages.
Recently’s ruling reinstates liability for infringement, which had been overturned in a post-trial ruling that has been the subject of appellate proceedings since.
Akamai Technologies, Inc. provides cloud services for delivering, optimizing, and securing online content and business applications in the United States and internationally. The company offers media content delivery solutions to execute digital media distribution strategies, counting download delivery solutions for the distribution of file downloads, such as games, progressive video and audio files, documents, and other file-based content; and adaptive delivery solutions for streaming video content in various bitrate streaming formats; content preparation and packaging for multiple platforms, a customizable media player, and content protection technologies; a suite of analytics tools to monitor online video viewer experiences and the effectiveness of Web software downloads, while measuring audience engagement, and quality of service performance; and NetStorage, a cloud storage solution.
L Brands Inc (NYSE:LB), ended its Friday’s trading session with 0.04% gain, and closed at $80.99.
As part of its ongoing commitment to return value to shareholders, L Brands, Inc. (LB) declared that it’s Board of Directors has authorized a new $250 million share repurchase program, which comprises $0.6 million remaining under its previous $250 million share repurchase program.
L Brands, Inc. operates as a specialty retailer of women’s intimate and other apparel, beauty and personal care products, and accessories. The company operates in three segments: Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. Its products comprise loungewear, bras, panties, sleepwear, swimwear, athletic attire, fragrances, shower gels and lotions, aromatherapy, soaps and sanitizers, home fragrances, handbags, jewelry, and personal care accessories. The company offers its products under the Victoria’s Secret, Pink, Bath & Body Works, La Senza, Henri Bendel, C.O. Bigelow, White Barn Candle Company, and other brand names. L Brands, Inc. sells its merchandise through company-owned specialty retail stores in the United States, Canada, and the United Kingdom, which are primarily mall-based; through its Websites; and through franchises, licenses, and wholesale partners.
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