Cree Inc. (NASDAQ: CREE) shares have risen sharply in early trading today after the Durham, North Carolina-based semiconductor company reported its second-quarter financial results.
CREE, which is engaged in the development and manufacturing of semiconductor materials and devices, reported revenue of $346.3 million for the second quarter of fiscal 2013, up 14% over the same period in the previous year. GAAP net income for the quarter was $20.4 million, or $0.18 per share, compared to $12.1 million, or $0.10 per share reported for the same period in the previous year. On a non-GAAP basis, the company reported net income of $36.9 million, or $0.32 per share, compared to $28.7 million, or $0.25 per share reported for the same period in the previous year.
Chuck Swoboda, Chairman and CEO of Cree, said that the fiscal second quarter was another strong quarter with record revenue and earnings per share that were higher than the company’s target range due to stronger sales in both LEDs and Lighting combined with improved gross margins.
CREE shares rose to a 52-week high of $40.44 in trading today. At last check, the stock was trading 17.84% higher at $39.44 on above average volume of 5.10 million.
Shares of fast food chain McDonald’s Corp. (NYSE: MCD) have edged lower in early trading today even as the company reported better-than-expected fourth-quarter earnings.
For the fourth quarter of 2012, the Oak Brook, Illinois-based company reported earnings of $1.4 billion, or $1.38 per share. Analysts were expecting McDonald’s to report earnings of $1.33 per share. The company’s revenue for the quarter was $6.95 billion, compared to Street estimates of $6.90 billion.
Don Thompson, CEO of McDonald’s, said that throughout 2012, the company concentrated its efforts behind the global priorities that represent the company’s greatest opportunities under the Plan to Win.
In the fourth quarter of 2012, McDonald’s global comparable sales increased 3.1%. Comparable sales in the U.S. rose 3.3%, while in Europe comparable sales rose 2.4%. Asia/Pacific, Middle East and Africa (APMEA) comparable sales rose 1.4% in the quarter.
McDonald’s shares are currently trading 0.12% lower at $92.80 on volume of 3.11 million. The stock fell to an intra-day low of $92.42 earlier in the day.
Shares of Advanced Micro Devices Inc. (NYSE: AMD), a global semiconductor company with facilities across the world, are seeing a huge rally in trading today. AMD shares are soaring after the company reported its fourth-quarter financial results.
For the quarter, AMD reported revenue of $1.16 billion. The company’s operating loss for the quarter was $422 million. Net loss for the quarter was $473 million, or $0.63 per share.
Rory Read, President and CEO of Advanced Micro Devices, said that the company continues to evolve its operating model and diversify its product portfolio with the changing PC environment and the investments the company is making in technology today are focused on leveraging its distinctive IP to drive growth in ultra low power client devices, semi-custom SoCs and dense servers.
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