Diamonds and Dogs
Cree (CREE) has a bright idea. The LED and chip company is selling their LED Products business to SMART Global Holdings for $300 million. The transaction represents another key milestone in Cree's transformation to create a pure-play global semiconductor powerhouse. Wall Street seems to agree. The stock is up 5% to new highs and up 150% from the March lows.
Gilead (GILD) makes a new 52-week low. The biotech stock is down 2% even as the company continues to produce millions of doses of their antiviral drug, remdesivir to treat COVID-19 patients including the President of the United States. Gilead donated the first 1.5 million vials of this drug to save lives. Frustrating stock.
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