Diamonds and Dogs
Cree (CREE) building more manufacturing in CNY. The LED and semiconductor company is up 3.5% after announcing expansion plans on the East coast. Cree is investing $500 million into its Durham NC site to expand its materials production, but a new wafer manufacturing facility originally planned for the Triangle Park is now going to happen near Utica, New York. The new plan allows Cree to create a factory that's 25 percent larger than the NC plant, but cost much less.
Overstock.com (OSTK) over flowing with inventory. The e-retailer is down 15% not far from a 52-week low after sharply reducing third quarter guidance and announcing the resignation of their chief financial officer. Overstock.com expects a break-even third quarter on an adjusted Ebitda (earnings before interest, taxes, depreciation, and amortization) basis for its retail operations. Previous guidance was for a profit of $17.5 million. Overstock is expecting better results in the fourth quarter, but shareholders never like it when the CFO leaves.