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One Reason Why Cree (CREE) Stock Is Advancing Today

NEW YORK (TheStreet) -- Shares of Cree (CREE) are gaining 11.73% to $28.02 on high trading volume after closing a deal with Infineon (IFNNY) for the sale of its Wolfspeed Power unit for $850 million, Bloomberg reports.

Cree is a Durham, NC-based LED, lighting and semiconductor producer. Almost 3 million shares of the company have traded hands so far today vs. the stock's average of just under 1 million per day.

Cree's Wolfspeed makes compound semiconductors and power-management chips. Infineon's purchase of the unit is in line with the company's intent to expand in fast-growing markets such as electric cars, renewable...