Cree 2Q:2008 Results

Looks ok on the surface. Revs a couple of percent better than estimates, earnings better, guides in line with estimates for revenue. Very big short interest here.

Gross margins above the midpoint. Accounts receivable up 4mm q/q on a 6mm q/q increase in sales. Inventory up slightly q/q but doesn't look serious. Not finding a big negative if there is one.