Bought ICGE back at 145.
More optical news from Briefing.com...
"Corning (GLW) 213 1/4 +3 5/8: When you're hot, you're hot... Frankly, the optical networking business is one of the hottest things going these days-- and the investment community knows it as is evidenced by the tremendous surge in the market capitalization of companies such as JDS Uniphase (JDSU), SDL, Inc. (SDLI), and Corning (GLW). The encouraging news for investors, though, is that the optical networking business isn't expected to cool off anytime soon thanks to the Internet revolution, and the associated need for increased bandwidth to handle its high-data-rate applications. Luckily, Corning finds itself smack-dab in the middle of that revolution as it manufactures, among other things, the photonics modules and components used in building high-data-rate telecommunications networks. Speaking yesterday at the Optical Fiber Comm Conference in Baltimore, Corning noted that the growth rate of its Photonics business should accelerate to more than 70% in 2000-- an impressive increase considering year-over-year growth in 1999 approached 60%. This news has been a supportive factor for the stock today along with the fact that Warburg Dillon Read upped its price target this morning to $260 from $175, and Wit Soundview said it will revisit GLW's price target after the company's Q1 earnings report in April. While it hasn't hurt any that traders remain consumed by all things fiber-optic-related, Corning's increased earnings visibility, based on the momentum of its fiber and photonics businesses, has been a fundamental factor behind the stock's surge in the past year-- a point that has not been lost on analysts who have been busy raising estimates and lifting price targets, providing traders with added reason to purchase the stock, even at seemingly extreme valuations.-- PJO" |
