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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 665.67

-0.9%

Nov 17 4:00 PM EST

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To: Johnny Canuck who wrote (36756)	4/15/2002 11:53:13 AM
From: Johnny Canuck	Read Replies (1) of 68072

-------------------------------------------------------------------------------- Quick Takes: Corning [GLW: NYSE] $7.05 -- 9:12 AM EDT Shares of Corning have been edging higher since the fiber optics firm forecasted better-than-expected Q1 results. The company now sees a loss of $0.10 per share, narrower than expectations for a $0.17 per share loss. Corning expects sales of about $900m for the quarter, which is slightly below estimates for $941m. The firm cited its successful cost-control efforts for the narrower loss. Looking ahead, the firm believes that the telecommunications industry may be nearing a bottom. Corning expects to record pre-tax charges of about $600m in both Q2 and Q3. More importantly, the firm said it has not lost market share, even as fiber optics sales have declined. Corning also named a new CEO – James Houghton is expected to replace the retiring John Loose on April 25. Technical: Corning tested ten-year lows at $6.50, but a complete failure has not occurred yet. In the meantime, upside resistance at $8.75 will try to cap the bounces. Risk Tolerance **** (* Low risk, *****High risk)

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