Results and Guidance Are Strong
Cree earned $0.32 a share in its second quarter, beating the $0.30 average analyst forecast. Revenue of $346 million also beat the $331 million consensus number, and guidance was better than expected. CREE rallies 14 percent before the bell on my tradeMONSTER platform.
MAP Pharma Soars on Allergan Buy
Allergan agreed to buy MAP Pharmaceuticals for $25 a share, or $958 million. That's a nice premium for stock that closed at $15.58 yesterday. MAPP rockets 59 percent in early trading.
Annie's Drops on Pizza Recall
Annie's said it is voluntarily recalling some of its organic frozen pizzas after metal was found in the dough. It expects the move to result in a charge and to hurt sales. BNNY is down 11 percent in the premarket.
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