Image source: Cree.
What: Shares of Cree Inc. (NASDAQ: CREE) were up 12.4% as of 11:30 a.m. EDT Thursday after the LED company announced preliminary fiscal fourth-quarter results and the execution of an agreement to sell its Wolfspeed Power and RF division to Infineon Technologies AG (NASDAQOTH: IFNNY) for $850 million in cash.