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Schaeffer's Street Stories: Pessimism Swells Toward Corning Incorporated

^{Published on 2008-12-17 13:56:57 - Market Wire}
 

CINCINNATI--([ BUSINESS WIRE ])--Corning Incorporated (NYSE: GLW) has rebounded from its intraday low of $8.78, and is now bouncing between positive and negative territory, as traders digest the latest broker comments. This morning, J.P. Morgan downgraded the security from "overweight" to "neutral."

Overall, brokerage sentiment toward the shares is relatively pessimistic. Zacks reports that the stock has earned 4 "buy" ratings, 8 "holds," and 1 "strong sell." Considering the equity's lackluster technical performance, this skepticism is to be expected. What's more, there is ample room for additional downgrades, which could weigh negatively on the shares.

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