well, i hope it does not reach 25 cuz Susan's son going on dates on a Scooter...g's...
if glw can close above 57, technically, a good sign...descending upon each level of pivot, not good, and a break below the (weekly) neckline, really not good.
Also, posted by Susan earlier...
Message 15128203
and Ally
Message 15128584
Corning Inc. GLW $55.25 +0.19 (+2.44 this week)
New Bullish Plays
====================
When Armory Houghton's company supplied the glass for Thomas
Edison's first light bulb in 1880, he had no idea that
fiber-optic descendants would one day transport light waves of
data. The Corning, New York company is best know for its
Corning Ware and Pyrex consumer products. These days it is
it's fiber-optic products, which use photons to transmit data,
that accounts for 60 percent of sales. Corning sells twice as
much fiber-optic cable as it's number two rival Lucent. The
company's Advanced Materials division produces 25 percent of
sales making a variety of industrial and scientific products.
For the first nine months of 2000, total revenue increased 49
percent to $5.13 billion. Net income also had a banner time
rising 31 percent over the same nine months to $479.1 million.
Income would have been even more impressive excluding a $139.7
million acquisition charge. The consensus estimate is for the
company to earn $1.16 a share for the fiscal year ended December
2000 and $1.24 in 2001. Concerns over reduced spending by cash
strapped telecommunications companies put GLW into the thick of
the tech slide. But no company is better positioned to benefit
from the Fed cut in interest rates. News that $750 million in
bonds from telecommunications services provider McLeodUSA
(MCLD)
were receiving a warm welcome from capital markets, means that
Corning clients may not be cash short for long. This is
extremely bullish for Corning stock and means the company should
have the ability to exceed consensus earnings estimates. Given
its current depressed levels we see little downside and enormous
upside for stock. After joining in Wednesday's Fed rally, the
stock managed to hold most of these gains on Thursday to close
right at critical resistance. Should the stock clear this area
of congestion it will not meet significant levels of resistance
until $73 and $80. Conservative traders will wait for a breakout
above $57.50 before establishing a position. Downside support
should be found at $51 and $45.
Picked on January 4th $55.25
Gain since picked 0.00
Earnings Date N/A (Not Confirmed)
members.netbulls.com
Closing Bearish Play
====================
Corning Incorporated GLW $55.25 -0.19 (+2.44 this week)
We were stopped out of our GLW play on Wednesday afternoon
following the FOMC's announcement of their decision to reduce
interest rates. Prior to the announcement, shares of GLW were
trading around $46 and displaying continued weakness. It looked
for a time as though resistance at $52 might intervene, but the
buying interest was too strong and our stop-loss was triggered at
$52.13. It will be interesting to see if those who bought on
Wednesday will choose to hold the stock in light of concerns over
the company's upcoming earnings announcement. For the first time
in nine quarters, the possibility exists that the company will
fail to exceed analysts' estimates for earnings. Shares of GLW
did manage to hold up reasonably well in today's trading, giving
back only 19 cents of yesterday's gains on average volume of
11.6M shares. It has become a moot point for us, as we will
pocket our gain of slightly better than 4 percent and bid
farewell to GLW for now.
Picked on December 22nd at $54.50
Gain Since Picked 2.37
Earnings Date 01/24 (Not Confirmed)
members.netbulls.com |
