Cree stock pulls back from a record after filing for the ATM sale of up to $500 million in stock

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Shares of Cree Inc.
CREE,
+3.90%
fell 4.0% in premarket trading Friday, after the light-emitting diode products company filed for the “at-the-market” (ATM) sale of up to $500 million worth of its common stock. Based on Thursday’s record stock closing price of $128.28, the filing could represent up to 3.9 million shares, or about 3.5% of the shares outstanding. The filing to sell shares comes after the stock soared 86.6% over the past three months, compared with the S&P 500’s
SPX,
+0.17%
10.7% rise over the same time.

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