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Cree's Straddles Are Overvalued Pre-Earnings

Cree, Inc. is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The company's products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems. The company has three segments: Lighting Products, LED Products, and Power and RF Products. It is reporting earnings on Tuesday, August 16, after market close:

As evident from the above, the company beat earnings estimates in 63% of time in the last eight quarters, underperforming in the rest of time, and has seen significant volatility in the market price of...