DURHAM – Cree is continuing its transformation to a company more focused on its semiconductor and power supply business by selling its Lighting Products business group for as much as $310 million. And investors love the decision. Cree (Nasdaq: CREE) stock immediately jumped 3 percent to more than $55 in premarket trading on Wall Street. By early afternoon, shares were up more than 7 percent, hitting a new one-year-high of $57.19. Five years ago Cree's top price was just under $50. In recent months the stock has been climbing pretty consistently, topping $50 on Feb. 1. The deal was announced early Friday before the markets opened. Buying the group is Ideal Industries. "Cree has made significant progress over the last 18 months in sharpening the focus of our business to become a semiconductor powerhouse in Silicon Carbide and GaN technologies," said Cree CEO Gregg Lowe, who has reshaped the company since taking over from Chuck Swobodoa as the top executive. Lowe was named to the job in September 2017.