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Welcome to

Oversold Alerts and High Jumpers

Condition:  Oversold

Why:  GROWTH STOCK TRADING AT VALUE STOCK PRICE

Symbol:  CREE

Recent Peak:  $40.96 ( 1/03/05)

Last Close:  $25.50 (1/18/05)

Type of Sell Off:  Lower Gap Open

Price Before Gap Open:  $35.07  (1/13/05)

Price Gap Opened At: $27.08 (1/14/05)

Necessary Reading:

Q3 Earnings Release (1/13/05)

Positive Highlight:

"( CREE ) today announced revenue of $97,451,000 for the second quarter of fiscal 2005 which ended on December 26, 2004, representing a 34 percent increase over the Company's comparable year ago period revenue of $72,684,000. Net income for the second quarter increased 92 percent to $25,022,000, or $0.32 per share, compared to $13,007,000, or $0.17 per share, as reported for the second quarter of fiscal 2004." 

Reason For Rebound:  Earnings Gains Classify Company As A Growth Company

My Take:

Although the Q3 numbers missed expectations they still represent very nice growth from the previous year and period.  This growth stock is currently trading at the price of a value stock due to it's current PE of 22.77.  It fell to this level because of an overreaction to coming short on earnings estimates and guiding for the next quarter. 
 

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