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Cree Stock Plummets on Lowered Q3 Guidance

NEW YORK (TheStreet) -- Cree (CREE - Get Report) stock is dropping by 16.63% to $24.22 on heavy trading volume on Wednesday, after the company lowered its 2016 third quarter earnings and revenue guidance.

The Durham, NC-based LED lighting company announced that it expects earnings to range between 13 cents per share to 15 cents per share, lower than the company's prior guidance for earnings between 22 cents per share to 29 cents per share.

Cree also projected revenue of $367 million, while the company previously projected revenue to range between $400 million to $430 million.

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