Why Cree's Stock Is Trading Higher Today

Cree CREE shares are trading higher on Monday after the company announced that it sold its LED business to SMART Global for up to $300 million.

Cree is a United States-based company that is involved in the manufacturing of wide bandgap semiconductor products for power and radio-frequency (RF) applications, lighting-class light-emitting diode (LED) products, and lighting products. It operates in two reportable segments: Wolfspeed and LED products.

Cree shares traded up 6.26% to $75.75 on Monday. The stock has a 52-week high of $77.19 and a 52-week low of $27.77.