Cree shares were up more than 10 percent early Tuesday after the Durham company unveiled a new LED light bulb for the consumer market that retails for $10.
The Durham company hopes the bulbs, which comes with a 10-year limited warranty and are available exclusively at Home Depot, will help LEDs capture a larger share of the consumer market.
“Over the last couple of years we recognized that the consumer is instrumental in the adoption of LED lighting, but we needed to give them a reason to switch," Cree CEO Chuck Swoboda said in a statement.
"We believe this breakthrough LED bulb will, for the first time, give consumers a reason to upgrade the billions of energy-wasting light bulbs.”
Cree's new bulb costs $9.97 for a 40-watt replacement and $12.97 for a 60-watt replacement.