Cree Inc (NASDAQ:CREE) Surges 12% On Earnings Beat (PPHM, CREE, URI, CNC, OCZ)

Cree Inc (NASDAQ:CREE) soared 11.65% to $29.24 on a traded volume of 4.26 million shares. has posted mixed results for its first quarter ended September 23. It earned revenue of $315.8 million in this period, an increase of 17 percent from the first quarter last year. Sequentially, the revenue rose 3 percent. Analysts had expected revenue of $317.9 million for the period. The company’s non-GAAP earnings were 27 cents a share, slightly higher than analysts’ estimates.

Will CREE Continue To Move Higher? We have A Special Report, Find Out Here

For the second quarter, the company sees revenues in the range of $320 million and $340 million. Analysts expect revenue to be $333.6 million. Cree sees non-GAAP profits of 27 cents to 31 cents a share compared to Street estimates of 30 cents.

Peregrine Pharmaceuticals(NASDAQ:PPHM) surged up 29.47% to $0.906 on a traded volume of 7.93 million shares.The Company raised $14.3 million in gross proceeds through an ATM agreement with MLV & Co.

The Company provided an update on financing activities, its contract manufacturing business and upcoming potential clinical milestones. 

United Rentals Inc (NYSE:URI) increased 12.93% to $38.36 on a traded volume of 4.96 million shares.The Company reported net income from continuing operations of $73 million or $0.70 per share compared to $65 million or $0.91 per share in the prior year period.Total revenues for the quarter increased 68% to $1.22 billion, but below analysts' consensus estimate of $1.27 billion. The increase in profit was due to revenue growth amid increases in rental rates and rental volumes.

Centene Corp(NYSE:CNC) surged up 10.26% to $38.57.Kentucky Spirit Health Plan, the subsidiary ofCentene Corp has notified the Cabinet for Health and Family Services is exercising a contractual right that it believes allows Kentucky Spirit to terminate its Medicaid managed care contract with the Commonwealth of Kentucky effective July 5, 2013. In addition, Kentucky Spirit has filed a formal dispute with the Cabinet for damages incurred under the contract. 

OCZ Technology Group Inc (NASDAQ:OCZ) jumped up 7.72% to $1.47 on a traded volume of 2.22 million shares.The Company said that it was unable to file its Form 10-Q for the second quarter of fiscal year 2013 which ended on August 31, 2012 on time as the Company's financial statements are still under review.

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Cree, Inc. (NASDAQ:CREE) Jumps On Solid Earnings, Netflix, Inc. (NASDAQ:NFLX) Extends Rally

Cree, Inc.(NASDAQ:CREE), the maker of LED lighting, has posted mixed results for its first quarter ended September 23. It earned revenue of $315.8 million in this period, an increase of 17 percent from the first quarter last year. Sequentially, the revenue rose 3 percent. Analysts had expected revenue of $317.9 million for the period. The company’s non-GAAP earnings were 27 cents a share, slightly higher than analysts’ estimates.

“We started the year strong in our fiscal first quarter with record revenue and non-GAAP earnings per share at the high end of our target range,” said CEO Chuck Swoboda in a statement. “Overall company backlog is stronger than it was at this point last quarter, although visibility is still limited and the macroeconomic environment remains a headwind. Our results are beginning to demonstrate the enormous leverage we have in our fully integrated vertical lighting model.”

Will CREE Continue To Move Higher? We have A Special Report, Find Out Here

For the second quarter, the company sees revenues in the range of $320 million and $340 million. Analysts expect revenue to be $333.6 million. Cree sees non-GAAP profits of 27 cents to 31 cents a share compared to Street estimates of 30 cents.

Cree shares rose $2.84 or 10.85 percent to $29.05 in the morning session.

Netflix expanding into Sweden

Netflix, Inc.(NASDAQ:NFLX) is starting a streaming only service in Sweden. This is part of its international growth strategy after the problems faced by the company when it split its DVD and streaming services in the U.S.

The company has said that the debt crisis in Europe is not likely to affect its business. In August, the company had said that it would foray into new territory, although details were not disclosed then.

Netflix has to brace for reactions from rivals. Sweden based Viaplay which offers on demand streaming has already lowered its subscription price. Time Warner, on the other hand, plans to offer HBOGo in Scandinavian countries.

Netflix will be partnering with Spotify, the Swedish music service.

Shares of NFLX were up 1.02% to $66.73 after surging over 1% in the prior session.

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