$CREE rev guidance soft last night; mgmt cautious near-term on certain end markets

· CREE rev guidance soft last night; mgmt cautious near-term on certain end markets – “LED chip demand is down due to weakness in consumer related backlighting applications. We see this as a short-term correction, and still believe the long term trend to LED backlit TVs will continue”.  Could be a neg. today for other LED plays (RBCN, VECO).  Keep in mind that VECO spoke at a conf on Tues and mgmt reiterated its outlook for Q3 while RBCN reported last week and beat expectations and issued guidance ahead of the St.  Semi Conductor Research--- LINK