Last week I sold off some Provident Energy (PVX: chart, web, Y!) stock, and some CREE (CREE: chart, web, Y!).

I’m up about 80% on CREE, and am about back to even on PVX. I’m rarely up 80% on anything (read my posts on Ford before you draw any conclusions on my trading style), and I’m overweight in PVX.

I’m sure there’s more room to run on both of these, but it’s time to score some of those gains.

General CREE, Investing, PVX

Last week Cree (CREE: chart, web, Y!) reported their fiscal Q1 earnings that were well beyond Wall Street expectations.

Revenue came in at $169.1 million for the quarter which translates into 30 cents per share in earnings, beating The Street’s expectations of 22 cents per share.

For Q2, the company is expecting 28 to 30 cents per share (excluding special items) on revenue of $180 to $190 million.

Aside for being a short term boon on my Cree shares, I think this quarterly report reaffirms my position that Cree’s LED products will continue to do well in the market and have yet to see widespread uptake, but the market is starting to evolve and companies, including major cities are starting to see the cost-benefit of LED technology.

I’m continuing to buy Cree shares on pull backs and my average cost is starting to creep up to around $29 per share.

Investing CREE

LED manufacturer, CREE (CREE: chart, web, Y!), is still looking strong, and I’ve been able to take advantage of some pull backs in the market since making my last purchase.

Recently, coverage was initiated at JP Morgan with an Overweight rating and $45 price target.  Additionally, CREE will be adding more than 500 jobs over the next three years as it expands production of light-emitting diode chips at its Durham, NC plant.

I’ll be looking to add more shares in my Roth IRA account on the next pull back in the stock, and I think $50 per share is a reasonable expectation for this growing company.  LED’s are just now becoming main stream, and the market will be expanding over the next 10 years.

Investing CREE, Investing, LED lighting