Interestng article, but why did stock tank today?
Relative to your post, a couple of financial commentators said that the sell-off in Wall St. last week was in anticipation of the S&P downgrade and that this anticipation was as they said, "baked in into the cake." S&P had previously said there would be a downgrade if the debt ceiling crisis wasn't resolved satisfactorily-----which it wasn't. It was a charade.
Although, none recommended buying on Monday morning.
Wall St. always goes extremes in both buying and selling, so I would sit tight and see how this plays out.
Also, keep in mind the Federal Reserve will be meeting on Tuesday and Wednesday of this week.
Check the link below and article on GLW from today. This probably the reason the stock is down.
Very interesting. This You Tube video received a warm endorsing write-up in Yahoo Finance.
On the lighter side,it reminds of that old humourous saying, and I quote, "people who live in glass houses, should dress in the basement."
It was the idiots at Morgan Stanley that precipitated CYs recent fall from grace and knocked this stock down more than 20% from its highs.
Unfortunately, this game goes on all the time.
CY is great for the long haul.
Since you visited the site, it would have been nice if you had copied and pasted the link into your message. Would have made things a lot easier.
Ever since Morgan announced the glut in tablets, this stock has hit a brick wall.
Very volatile stock. We saw the big jump in its price recently, when Micron announced earnings, but since has retraced much of that.
Hopefully, when CY announces earnings on April 21, it will be a positive report and you will see a nice jump in its price.
Options Bullish on This Glass Firm Ahead of Earnings
Published: Thursday, 22 Apr 2010 | 7:45 AM ET Text Size By: Pete Najarian
"Fast Money" Contributor
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Corning is attracting upside option trading for the second time in about a week as it prepares to announce earnings results in a few days.
Our screens lit up last Wednesday with May call buying, but yesterday we saw heavy activity in the June contracts. OptionMonster's tracking systems detected 8,122 calls changing hands at the June 23 strike, more than 7,000 of them trading in a strong buying pattern from $0.17 to $0.22 against previous open interest of 2,328 contracts.
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The LCD glass maker [GLW 20.84 0.15 (+0.72%) ] finished yesterday up 1.49 percent to $20.40 and ticked up another $0.29 percent in after-hours trading. The stock is up some 40 percent in the last six months but has hit resistance twice below the $21 level.
Shares broke above $20 Monday after receiving an upgrade from RBC Capital Markets. Some traders apparently believe that the stock is ready to test its 52-week high of $20.85 from January.
The next catalyst for Corning will be its earnings report scheduled for next Wednesday, April 28. For the calls purchased yesterday to turn a profit, the stock would need to gain roughly 14 percent by expiration on June 18. Overall calls in the name outnumbered puts by 9.5 to 1 yesterday.