CREE traded down over 4% on Thursday after the company announced a $180 million dollar purchase agreement from Sumitomo. Why did the stock trade down on the agreement? Investors seemed to punish the stock because this most recent agreement is a drop from the $200 million dollar agreement announced between the two companies a year ago. Volume was heavy on the day, with over 5.6 million shares of the stock changing hands, compared to a normal daily average of just over 1.3 million shares. The stock closed about 3 points above its 52 week low of $21.68 on Thursday, and currently sports a market cap of just under $1.9 billion dollars.
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