Corning (GLW) Drops 10% on Drop in Profits, Production Cuts
Posted: Wednesday, January 25, 2012 11:27 AM EDT
By: Bobby Raines
Corning (NYSE: GLW) fell Wednesday after the company reported a 53% decline in fourth quarter profit an said it is cutting production of LCD glass production. Asian panel makers have excess supplies of the glass and the company is hoping that a cut in production will help balance supply with demand.
A May 15/17 Out of The Money Bear-Call Credit Spread looks like an attractive way to play GLW today. This strategy aims for a return of 14.29% and GLW is 15% out of the money. Recent support for this stock has been demonstrated near $14.01 while resistance has been around $14.93.
Corning is trading today at $13.10, down $1.52 (-10.12%) from yesterday’s close. The stock began the day trading at $13.50 and has moved between $13.08 and $13.64. Recent technical indicators for the stock are bullish and Standard & Poor’s gives GLW a positive 4 STARS (out of 5) buy. [MarketIntelligenceCenter.com]
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