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What: Shares of LED specialist Cree (NASDAQ:CREE) lit up today with gains as high as 17%, tapping fresh 52-week highs in the process, after the company introduced a new series of LED bulbs while raising guidance.

So what: Cree calls its new LED bulbs "game-changing" since they will retail at competitive price points that can tempt consumers to switch to LEDs. The new bulbs generate energy savings of 84% relative to traditional bulbs. A 40-watt replacement will start at just under $10, which Cree says will quickly pay for itself in energy savings.

Now what: Backing up this optimism, Cree raised guidance for its fiscal third quarter and now expects revenue to be in the range of $335 million to $350 million. That's higher than the previous revenue guidance range of $325 million to $345 million that the company provided in January. Operating expenses are also predicted to come in higher than before because of increased R&D spending and marketing. Non-GAAP net income per share should be $0.31 to $0.36, a penny higher on both high and low ends relative to prior outlook.

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