Cree Inc. (CREE) NewsBite - Insider Trading Indicates Bearishness on CREE

Posted on Wednesday, February 27, 2008 1:41 PM

Cree Inc. (CREE) opened at $34.55. So far today the stock has hit a low of $33.31 and a high of $34.66. CREE is now trading at $33.56, down 1.35 (-3.87%). After hitting a one-year low of $16.07 in March, the stock hit a one-year high of $35.50 yesterday. Shares of CREE are trading lower today. Yesterday after market close, the company disclosed that company president Charles Swoboda sold 105,000 shares of CREE for $3.47 million. This indicates that there could be weaknesses ahead for CREE. Technical indicators for CREE are bullish and steady. If you’re looking for a hedged play on this stock, consider a March bear-call credit spread above the $40 range. CREE hasn't been above 40 at all in the past year. The stock could gain up to 19.1% and this trade would still be profitable. [LHF- Seven Summits Strategic Investments NewsBite]