Cree, Inc. (CREE) announced that major lighting designer and manufacturer Space Cannon VH S.p.A. has signed an agreement to purchase approximately $5.4 million of XLamp® power LEDs, among the industry's brightest and most efficient high power light emitting diodes (LEDs). Space Cannon plans to use Cree power LEDs exclusively for all future solid state lighting installations, including high profile projects, such as the Turin Olympics. [ more ]

I really like the LED and energy efficiency space and think these types of projects will become more common. The key is to get into these companies at the right price level. CREE has been running into some upside resistance at the $28 level and there is also some firm resistance at the $30 level. I would not be a buyer of this stock until it either had a solid close above $30 or started to see the price trading closer to support at the $22 range.