There is a lot of news this morning regarding the tightness of oil supplies. Whether it is true or not, some folks may be selling in anticipation of a price jump. If energy costs go up, it impacts the bottom line. JMHO. Of course, this could all be hogwash to manipulate the markets. We've seen it before. The press hounds come out to move the energy markets one way or the other.
Sorbet - it is in sympathy with the bad news out of Finisar, which is getting crushed. JDSU is getting hit hard also. It will be a short term blip, as these other companies are not as diversified as glw. ----------------------------------- On Wednesday March 9, 2011, 8:45 am EST NEW YORK (AP) -- Shares of Finisar Corp. plunged nearly 40 percent in premarket trading Wednesday after the fiber optics company issued disappointing fourth-quarter guidance, pointing to slowing business in China.
The company said Tuesday it expects adjusted earnings of about 31 to 35 cents per share for the three months ending April 30. Analysts, on average, had been looking for profits of 44 cents per share, according to a poll by FactSet.
HI, great piece of news - this kind of news could easily drop this stock. In the past news affecting other companies has clobbered Corning so this fiber news could be the culprit - if so, buy buy, buy, Corning has to many other sticks in the fire.
Not one idea, this happens often with the stock for no apparent reason - it really is a time to buy shares cheaply. The company has made no negative announcements about this quarter which they would have already so buy, buy, buy. Could iy be a fund securing its gain, maybe.
Very appropriate response, we all know that this company will be producing much higher levels of revenue and income in 5 years due to new innovations, growth of the LCD TV market and widespread adoption of Gorilla Glass. Who knows why some fool sell a stock at an inappropriate price, possibly he bought a portfolio on margin or is a poorly performing fund manager who is now getting redemption requests or some young fool who inherited a bunch of Corning stock and decided he wants to go on a spending spree.