Below is a brief note from CEO Keith McCullough on why we're adding Cree (CREE) to the long side of Investing Ideas today:
|
"Post the recent emotional -2% correction in the Nasdaq (see the move in the VXN, or the VIX of the Nasdaq, for details), we find ourselves with yet another buying opportunity in some of our favorite Tech stocks. One of those remains Cree Inc. (CREE). Here's an excerpt of Ami Joseph's Institutional Research note when he moved it to a Best Idea LONG @Hedgeye: "We have done enough work to get to a point that we think CREE is going to be a great stock, so we are moving it to Best Ideas. We recognize, however, that part of the rally is already behind us, as the stock is up ~50% since the new CEO was appointed on September 25th and ~30% since we added it to the Long Bench." With any stock that's working for the right reasons, our job is to help you "risk manage the range" of that stock's price. When it approaches the low-end of the @Hedgeye Risk Range (like the Nasdaq itself did yesterday) you buy the damn dip." |