CREE jumped up today about 5% on 2 bits of news: - They have quietly filed to spinoff their power and RF (non-LED) business as an IPO whereby they would still own majority. - Rumour that GE is sniffing around and may make a bid for CREE.
So your under $30 entry may not be availble for some time.
On the other hand, it might be worth it to take a position in anticipation of profiting on the rumour, then selling on the news.
Last price so ar today is 31.44 +5.7%
I cannot imagine that we'll see the price drop below $30 until this latest dust storm settles.
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