Is Coning glass transparent?
On Financial Tides I determined over the weekend I'd be a buyer this week. On BarChart I screened for the stocks hitting the most new highs and after a little more screening came up with a recommendation on Corning Inc. -- GLW. The stock has hit 12 new highs in the last 20 sessions and is recently 5 for 5 with a 32.56% price appreciation in the last 65 days. BarChart's technical indicators have 12 of 13 buy signals with a 100% short term rating and a 88% overall rating.
GLW creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets.
On Wall Street the 17 analysts who follow the stock give it 11 buy recommendations and there are no under perform or sell reports. They estimate a 30.1% increase in sales and an 18.3% improvement in EPS. That's pretty positive.
On other sites Wall Street Survivor has Mark's checklist giving it a 5/5 Survivor Sentiment rating , a 5/5 fundamental rating and a 5/5 technical rating for an over all rating of 94%
Motley Fool CAPS members think the stock will out perform the market 3245 to 81 with the All Stars in agreement 787 to 7 and the Wall Street columnists Fool follows at 22 to 1. The lone seller was Davenport and the stock has been up 135.14% since he recommended a sell.
This stock seems to meet my 3 criteria:
1 - Making new highs better than 50% of the time
2 - If followed by Wall Street brokerages - no recent sell recommendations
3 - Other sites agree with my recommendation
Recommendation: I'm adding Corning Inc -- GLW-- to my Marketocracy VMNHI portfolio around 18.62 with a protective stop loss no lower than 16.
Jim Van Meerten is an investor who writes about financial matters here and on Financial Tides. Please leave a comment below or email FinancialTides@gmail.com
Disclosure: I hold no positions in this stock at the time of publication