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TheStreet Open House

5 Stocks Insiders Are Scooping Up

Corning

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One more stock to consider with some decent insider buying is Corning (GLW), a provider of high-performance glass for LCD televisions, computer monitors and other information display applications; optical fiber and cable and hardware and equipment products. Insiders are buying this stock into notable strength, since shares are up 13% in the last three months.

Corning has a market cap of $18.72 billion and an enterprise value of $16.19 billion. This stock trades at a cheap valuation, with a trailing price-to-earnings of 11.06 and a forward price-to-earnings of 9.93. Its estimated growth rate for this year is -9.3%, and for next year it's pegged at 9.4%. This is a cash-rich company, since the total cash position on its balance sheet is $6.14 billion and its total debt is $3.50 billion. After you back out the debt, Corning has $2.64 billion of total cash on its books.

A director just bought 30,000 shares, or about $378,000 worth of stock, at $12.61 per share.

From a technical perspective, GLW is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has recently crossed back above both its 50-day and 200-day moving averages, and it's now quickly moving within range of triggering a near-term breakout trade.

If you're bullish on GLW, then look for long-biased as long as it's trending above its 200-day at $12.34, and then once it breaks out above some near-term overhead resistance levels at $12.99 to $13.09 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 15.78 million shares. If that breakout triggers soon, then GLW will set up to re-test or possibly take out its next major overhead resistance level at $13.85 to $14.29 a share. Any high-volume move above those levels will then put $15.35 to $17 into range for shares or GLW.

To see more stocks with notable insider buying, check out the Stocks With Big Insider Buying portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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