Left the house this morning and GLW was just about even. Just got back and see we are down our ususal 2%+. I have reached capitulation after a long time trading this stock. The earnings forecast and growth is always right on the money, but the stock is a laggard and never lives up to C2R's pumping. Not going to miss that a--hole at all. With the q3 outlook to be a little soft and the 30% share drop over the last several weeks I had assumed that news was priced in. The fact that they still have 125M for the current buy back makes me think they are saving it for the mid teens. I suppose we will have the usual no confidence stock option sales soon for good measure by the execs to help it to the 18 or less area. Yes, I think I've had it. The hedge funds are in control now and have been for a long time and I'm tired of hearing every fund manager say GLW is my number one pick. I think the preservation of wealth and buying power is the key. Maybe after the election when October is behind me I will have a clearer picture and feel better about getting back in. Good Luck to all.
You are going to miss the move upwards, you've waited for it to go down and now you skip out on the return. Just when the dust is settling people decide and get the "fear" and they sell. Just as the hedge funds plan and they know it. I think you will be kicking yourself for selling at this point in time. JMHO
You might be right, its happened before, but I started selling at 26 and sold every dollar down till 21. Bought back in on Monday at 21 and change. Not going to get killed, but the company sitting on 125M scares me. When do they plan to buy and support the stock and the investors?
If any other growth company announced they were growing earnings at 10-30% a year and buying back about 6-8% of their stock, during these horrible times they would jump 20%.
We drop 20%
I think the problem, somewhat rightly so, is that GLW is considered being totally reliant on LCD. And they admit there will be excess capacity in 2009. Fiber and diesel will not carry the weight if LCD slows.
And it doesn't matter how much we make, WS just keeps worrying, next year will be less growth.
If they applied that logic across the board- there are many many companies that will have the same concerns, but for some reason, they don't spank them the way they do GLW.
GLW is cheap. It is over sold and undervalued. But it has been that way for years now.
This last month soberly crushed me and made me realize I have been right in my analysis, but that just doen't matter. WS doesn't have to apply thier valuations in a logical or standard manner. I have wasted about 3 years, and lost about 20% on my overall investment.
I am going to begin shorting every significant move up, and exiting my shares.
If they can't get a decent valuation on the stellar performance they have done the last 2-3 years, they never will. $30 is a dream.