It should be obvious at this point that every growth-stock mutual fund manager who wants to take in new money next year feels like it is his or her mission to buy Amazon (AMZN), Apple (AAPL) and Google (GOOG). Each has a terrific growth story associated with it, each has an accelerating growth rate -- the holy grail of growth-stock investing -- and each is clearly visible, unlike, say, Saleforce.com (CRM) or Cree (CREE).

Q: Is all this going to happen quickly enough to boost the stock?

A: If you look at Cree's stock, I think some are starting to recognize the potential, but nowhere near to the full reality. I'll give you that on a 2010 P/E of close to 40, the stock looks expensive. But since I look for the company to grow earnings at a better than 20% annual rate over the next five years, then I could be right in expecting the stock to jump from about 46 now to well over 60 in 12 months.

play in LED technology

Cree's the lighting play off of the smartphones. That stock's been on fire for ages, but this recent number and the propulsion after reminds us of how big this category can be.

microwave chips and led lights. leader.

obama energy conservation with led lighting

Forward PE: 34.1 Short Ratio: 24

And keep an eye on Cree Inc [CREE] adds Adami. There’s a huge short interest in the stock.

15.7

Underperform -- Price 25.53 on Sept. 23
by Raymond James

Channel checks indicate that LED demand trends are mixed within an oversupplied market. We look for LED industry fundamentals to weaken. Market cap: $2.2 billion.

take over

LED'S BIG OR NOT?

Held and tracked this stock for several years. Have come to the conclusion that they are several years from beginning to realize the potential of the diode lighting market. Meanwhile they are beset on all sides with competitors and in a price squeeze. A good company which I will revisit in a couple of years.

Misses estimates frequently

Toby Smith thought it would go to 30