Shares of Corning Incorporated (GLW) Sees Large Outflow of Money

Corning Incorporated (GLW) : The money flow is calculated as the dollar value of composite uptick trades minus the dollar value of downtick trades, which was negative (7.41 million) in Corning Incorporated (GLW). On Wednesday, The value of composite uptick trades was $9.06 million, whereas, the value of composite downtick trades was $16.47 million and the ratio between the two was 0.55, indicating selling on strength. Traders involved in block trades booked profits in their holdings as seen in the transactions on downticks valued at $8.35 million. $1.95 million was the block trade value on upticks. The ratio between the two was clearly in favor of the bears at 0.23. The negative money flow of ($6.4 million) shows selling on strength. Corning Incorporated (GLW) gained $0.31 intraday at $21.63 and registrered 1.46% for the week.


Also, Citigroup initiates coverage on Corning Incorporated (NYSE:GLW). The rating major has initiated the coverage with buy rating on the shares. The Analysts at Citigroup announces a current price target of $23 per share. The rating by the firm was issued on June 20, 2016.

Corning Incorporated (NYSE:GLW): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $21.39 and $21.25 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $21.65. The buying momentum continued till the end and the stock did not give up its gains. It closed at $21.61, notching a gain of 1.36% for the day. The total traded volume was 4,890,980 . The stock had closed at $21.32 on the previous day.

The stock has recorded a 20-day Moving Average of 5.14% and the 50-Day Moving Average is 7.05%. In a related news, Tripeny R Tony, officer (Senior Vice President and CFO) of Corning Inc /Ny, unloaded 7,500 shares at an average price of $21.17 on June 7, 2016. The total amount of the transaction was worth $158,775, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.

Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company creates and makes keystone components that enable systems for consumer electronics, mobile emissions control, optical communications and life sciences. Corning operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide more than 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products. The Company manufactures and processes products at approximately 90 plants in 17 countries.

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