Cree Shares Drop More Than 10% After Outlook Cut

Cree Inc. shares fell in the extended session Tuesday after the LED light maker forecast lower-than-expected results for the fiscal third quarter. Cree shares fell 15% to $24.78, following a brief trading halt after hours. The company said it expects adjusted third-quarter earnings of 13 cents to 15 cents a share on revenue of about $367 million because of weakness in its lighting products business. Cree had previously targeted revenue of $400 million to $430 million. Analysts surveyed by FactSet had forecast earnings of 24 cents a share on revenue of $414.4 million.