I would feel a lot better if the SP just went up 10% above today's close this week !
That wouldn't be as high as it got when trading caught fire AH on Tuesday, but it would be close enough since 10% would be $19.27.
Good Luck to All Longs !
Short People Have No Reason to Live ! (Yes! I'm referring to you short selling slime balls!)
I'll never understand why some stocks go ballistic in AH trading after a NR, then opens below that AH price and goes lower?
Wasn't the Samsung news good enough to keep the rally going for awhile this morning?
Would Homer Simpson have sold Tuesday night?
The final AH trade last night was $19.31.
The SP has been dropping since the start of today's Pre-Market started, and was now down to $17.83 !
Regular Market trades are down to $17.66 !
I haven't even heard the hacks on CNBC mention the GLW deal or AH trades !
That would give a jump to the SP!
Do I expect too much from the CNBC hacks?
Hi Daisy, Let ask a different question.
Are you saying that after this court decision, there is nothing else we are being represented for?
- AND/OR -
Was this the last claim or trial that MAY benefit us, either with or without representation?
The closing SP for GLW today was $15.35.
The SP traded as high as $19.43 AH.
The final AH trade was at $19.31.
What happens tomorrow should be interesting!
Up or down or sideways ?
Good Luck to All Longs !
Short People Have No Reason to Live !
Corning's chief financial officer, James Flaws, said SCP was set up at a time when the world was more regional.
"What we're able to do here is take a land-locked asset which could only serve Korea, and also an asset which could only serve liquid crystal display technology, and instead transform it to be able to serve any market with any specific glass products," he said on a conference call with analysts.
Corning also reported preliminary results that were in line with market estimates.
The company said it earned about 33 cents per share, up from 28 cents in the same quarter last year. Net sales were estimated at $2.1 billion, up from $2 billion.
Full results will be announced on Oct. 30.
Samsung's Galaxy Note products, Nokia's Lumia phones and Droid Razr smartphones made by Google Inc's Motorola business use Corning's scratch-resistant Gorilla Glass.
Corning's shares hit a year-high of $16.43 in May after trading as low as $10.71 in November. (Reporting by Chandni Doulatramani and Neha Alawadhi in Bangalore; Editing by Don Sebastian and Ted Kerr)
(Corrects lead to show Corning buying stake from Samsung Electronics (SSNLF:$1,450.00,00$50.00,003.57%) unit)
By Chandni Doulatramani and Neha Alawadhi
Oct 22 (Reuters) - Corning Inc (GLW:$15.35,00$0.26,001.72%) said it would buy out Samsung Display's stake in their LCD glass joint venture in a deal that could see the Samsung Electronics Co Ltd (SSNLF:$1,450.00,00$50.00,003.57%) subsidiary take a 7.4 percent share in the Gorilla Glass maker.
The deal includes a new 10-year LCD display glass supply agreement between Corning and Samsung Display -- which makes LCD panels for tablets and televisions -- that will add about $2 billion to Corning's annual sales.
Corning shares jumped about 26 percent to $19.30 in extended trading on Tuesday.
Samsung will receive convertible preferred shares with a face value of $1.9 billion and will make an additional $400 million investment in Corning by subscribing to new convertible preferred shares.
If the preferred shares are converted, Samsung would get a 7.4 percent stake in Corning. The shares are convertible at $20 per share after seven years, with Corning having the option to force conversion if its stock goes above $35.
Samsung owns 43 percent of the Korea-based joint venture, Samsung Corning Precision Materials Co Ltd (SCP), which was set up in 1995.
Corning will also pay about $300 million to buy out minority shareholders in the joint venture, which makes active matrix LCD glass used in television sets, notebook computers, desktop monitors, digital cameras and mobile phones.
The U.S. company said the transaction, expected to close in the first quarter of 2014, would add about $350 million in annual profit before special items.
- continued in my reply -
Trash poster Gar4one wrote, " It is not hard to come by 28 million shares on this huge float. Your $50 for Corning is correct in the year 2030. "
Yeah, right you are.
$50 in the year 2030 after at least four, 2 for 1 stock splits !
UP AFTER EARNINGS: Corning (GLW), up 25% after the company announced a series of strategic and financial agreements with Samsung Display. Corning also announced authorization for an additional $2B of share repurchases and said its agreements with Samsung will be 20% accretive to its fiscal year 2014 and fiscal year 2015 earnings per share. Additionally, Corning reported preliminary third quarter results that were in-line with estimates...
Sold for as high as $19.29, last trade was at $19.25 !
If you want to read the entire article, read all of my posts in sequence posted on Oct 21.
They have been separated by other posts since then.
Hi Daisy, What is your opinion about this decisiion by the Judge, and is this the last challenge for claims, or are there still more claims to other funds ?
(Adds judge rejection of $1.5 million "substantial fee" payment in fifth paragraph.)
Later on Monday, Judge Gerber rejected a bid by Paulson, Elliott and other holders of the Nova Scotia notes to have $1.5 million in legal fees to be paid by old GM's estate, which was negotiated as part of the settlement. The parties had argued that they made a "substantial contribution" to the case, and thus were entitled to that money, which would have covered only some of their fees. U.S. Attorney Preet Bharara objected to the payment, saying the investors were " self-interested."
Lawyers for the trust had argued that the deal that gave the funds $367 million should be unwound under bankruptcy law. If the payment was canceled by the court, it would have put the reorganized GM on the hook for at least $1.3 billion in claims. Judge Gerber on Monday said that despite the prediction of some "pundits" that unwinding the 2009 deal could have undone the entire bankruptcy court sale of GM to the U.S. government, such a move would have only undone elements of the sale.
Later on Monday, Judge Gerber was set to hear argument on whether lawyers for Paulson, Elliott and other holders of the Nova Scotia notes should be entitled to the $1.5 million in legal fees paid by old GM's estate, which was negotiated as part of the settlement. The lawyers had argued that they made a "substantial contribution" to the case, and thus were entitled to that money, which would have covered only some of their fees. U.S. Attorney Preet Bharara objected to the payment, saying the investors were "self-interested." Argument on that matter was set to begin on Monday afternoon.
In 2012, a trust representing unsecured creditors of the former GM sued the auto maker and the Nova Scotia creditors over a 2009 transaction that gave $367 million to four hedge funds, some of which later sold their claims. The settlement was intended to keep GM Canada out of bankruptcy. The hedge funds in June 2009 agreed to waive $1.3 billion in claims in exchange for the payment. The payment came from GM Canada, which borrowed $450 million from old GM to make it.
Two other well-known hedge-fund firms that were involved in the original transaction---David Tepper 's Appaloosa Management and Mark Brodsky'sAurelius Capital Management---sold their bonds and aren't involved in the dispute.
Judge Gerber had harsh words for hedge-fund managers involved in the 2009 transaction, saying they acted with "greed and arrogance" with the future of the U.S. auto industry hanging in the balance. He pointed out that Paulson bought its claims later and wasn't part of that group.
NEW YORK--A judge on Monday approved a settlement of "old GM" creditors' multibillion-dollar lawsuit against a group of hedge funds, a deal that cuts $ 1.13 billion in claims against the estate and should improve recoveries for unsecured creditors.
Judge Robert E. Gerber of U.S. Bankruptcy Court in Manhattan said the settlement of the claims fight between the trust representing unsecured creditors and the holders of bonds against GM's Nova Scotia unit, including Paulson & Co. and Elliott Management LP, is "easily" in the best interest of creditors.
Judge Gerber said the settlement was similar to what he would have ordered, " if I had been forced to rule," speaking of the 16-day trial between the two sides last year over which he presided. After the trial, mediation with Judge Gerber's colleague, Judge James Peck, helped the two groups reach a settlement.
Under the deal, which requires court approval, the bondholders will receive general unsecured claims totaling $1.55 billion against old GM. In addition to resolving the competing bankruptcy claims, the settlement calls for GM Canada to pay $50 million to the bondholders, with $16 million earmarked for the bondholders' lawyers and another $1.5 million going to the Nova Scotia unit's legal team. The deal also releases the bondholders and executives, of both the former General Motors and the current company, from any future legal challenges tied to the 2009 transaction.
- BOO ! -
Long on SPF !
Sentiment: Strong Buy
I haven't heard Cramer the Clown say to sell NAT recently.
He just said that he prefers the dry shippers like Diana, which is the opposite of what he was saying when NAT was above $20 per share!