NEW YORK, NY / ACCESSWIRE / April 27, 2017 / A new joint venture couldn't save Cree Inc. on Wednesday after the company reported disappointing third-quarter results on Tuesday. Seagate Technology felt the burn too after failing to meet revenues themselves for the fiscal third quarter. Both stocks traded deep in the red territory in Wednesday trading on the NASDAQ.

RDI Initiates Coverage on:

Seagate Technology Plc
https://ub.rdinvesting.com/news/?ticker=STX

Cree, Inc.
https://ub.rdinvesting.com/news/?ticker=CREE

Seagate Technology plummeted on Wednesday with shares closing down 16.83% after the data storage company reported fiscal third-quarter 2017 results. While hedge funds celebrated the drop, as FactSet revealed more than 9% of the shares outstanding were sold short going into the company's earnings report, traders were not happy with the results. The company reported fiscal third-quarter 2017 revenue of $2.67 billion, which came in below the $2.71 billion that analysts had looked for.

CEO and Chairman Steve Luczo seemed optimistic about the results as the company beat on earnings and reported profit per share of $1.10. Analysts according to FactSet had been expecting $1.07 per share. Luczo commented, "The results of our financial performance this quarter reflect a stable demand environment, good operational execution and momentum in the stabilization of our business model." As of Wednesday's closing price of $42.01, shares of the company are down more than 20% in the last three years.

Access RDI's Seagate Technology Research Report at:
https://ub.rdinvesting.com/news/?ticker=STX

CREE shares fell 11.08% on Wednesday, hitting as low as $20.82 in intra-day trading, just a hair away from the stocks 52-week low of $20.75. The LED lighting company reported fiscal third-quarter earnings late Tuesday that failed to meet expectations. The company reported a loss of $99 million, or $1.02 a share, for the third quarter of fiscal 2017, which came in well short of the 7 cents that analysts had expected. Revenue came in at $342 million, which was also well below expectations of $354 million, according to analysts polled by FactSet.

On Wednesday, the company also announced a joint venture with San'an Optoelectronics Co., Ltd. "to produce and deliver to market high-performing, mid-power lighting class LED packaged products in an exclusive arrangement to serve the expanding markets of North and South America, Europe and Japan, and serve China and the rest of the world on a non-exclusive basis."

Access RDI?s Cree Research Report at:
https://ub.rdinvesting.com/news/?ticker=CREE

Our Actionable Research on Seagate Technology Plc (NASDAQ: STX) and Cree, Inc. (NASDAQ: CREE) can be downloaded free of charge at Research Driven Investing.

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