Diamonds and Dogs
The light is shining bright on today's diamond. Acuity Brands (AYI) is jumping 11% to a new 52 week high thanks to strong earnings. The smart-lighting maker reported second-quarter results that soundly topped expectations, saying it would continue to gain from demand for connected, energy-conscious building management in the years to come. Acuity Brands is one of the few companies generating revenue growth, topping expectations by $25.5 million. Sales of LED products rose over 40% year over year.
As one shines bright another loses its luster. Cree (CREE), the LED lighting company, is fading away today down 14% closing in on its 52 week low after preannouncing disappointing earnings. The company projected lower revenue and earnings per share between 13 and 15 cents a share significantly lower than analyst expectations of 24 cents a share. Lets hope this isn't a trend for the broader market.