Hedge Fund Favorites: Corning
Many investors have been shying away from Corning stock amid fears of a consumer-led recession, but not the hedge funds. What is the fast money on the Street seeing, that you're not?
First, Corning is winning the flat panel wars as LCD TVs are outselling plasma sets by a five to one margin, explains Guy Adami.
Second, Corning is a falling dollar play. Their components get cheaper for Sony each time the greenback drops.
And lastly, it's a little known green trade. Corning is experiencing booming sales of its emission control devices for autos.
There are other reasons too, but in a nutshell that’s why Corning is a hedge fund favorite, Guy Adami concludes.
From a technical standpoint I think he’s right, adds Carter Worth. The GLW chart looks great.
> Hedge Fund Favorites: Altria
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Trader disclosure: On Apr. 16, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (AAPL), (BIIB), (CSCO), (TSO), (YHOO), (XLF), (AMR), (ETFC), (ATI); Najarian Owns (EBAY) Calls, (IBM) Calls, (BSC) Calls, (COP) Calls, (MSFT) Calls, (HK) Calls; Najarian Is Short (INTC) Calls; Najarian Owns (LEH) Puts; Seymour Owns (AAPL), (CSCO), (INTC), (MER), (MSFT), (TSO); Seygem Asset Management Owns (TIE), (COP), (PKX), (GGB); Oppenheimer & Co. Is A Market Maker In (GOOG), (AMZN), (EBAY), (BIIB), (MLNM), (CSCO), (RIMM), (MSFT), (INTC); Oppenheimer & Co. Has Provided Investment Banking Services For (XTO) In The Past 12 Months; Oppenheimer & Co. Has Received Compensation For Investment Banking Services From (XTO) In The Past 12 Months; GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"