Corning Incorporated (GLW)
Corning Incorporated is an American multinational technology company that specializes in specialty glass, ceramics, and related materials and technologies including advanced optics, primarily for industrial and scientific applications.
Stock Price Trends
Stock price trends estimated using linear regression.
Key facts
- The primary trend is decreasing.
- The decline rate of the primary trend is 6.11% per annum.
- GLW price at the close of July 25, 2024 was $42.81 and was higher than the top border of the primary price channel by $9.29 (27.70%). This indicates a possible reversal in the primary trend direction.
- The secondary trend is increasing.
- The growth rate of the secondary trend is 62.70% per annum.
- GLW price at the close of July 25, 2024 was higher than the top border of the secondary price channel by $1.33 (3.22%).
- The direction of the secondary trend is opposite to the direction of the primary trend. This indicates a possible reversal in the direction of the primary trend.
Linear Regression Model
Model equation:
Yi = α + β × Xi + εi
Top border of price channel:
Exp(Yi) = Exp(a + b × Xi + 2 × s)
Bottom border of price channel:
Exp(Yi) = Exp(a + b × Xi – 2 × s)
where:
i - observation number
Yi - natural logarithm of GLW price
Xi - time index, 1 day interval
σ - standard deviation of εi
a - estimator of α
b - estimator of β
s - estimator of σ
Exp() - calculates the exponent of e
Primary Trend
Start date: November 16, 2020
End date: April 29, 2024
a = 3.6880
b = -0.0002
s = 0.0698
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × -0.0002) – 1
= -6.11%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.0698) – 1
= 32.21%
November 16, 2020 calculations
Top border of price channel:
Exp(Y331)
= Exp(a + b × X331 + 2 × s)
= Exp(a + b × 479 + 2 × s)
= Exp(3.6880 + -0.0002 × 479 + 2 × 0.0698)
= Exp(3.7448)
= $42.30
Bottom border of price channel:
Exp(Y331)
= Exp(a + b × X331 – 2 × s)
= Exp(a + b × 479 – 2 × s)
= Exp(3.6880 + -0.0002 × 479 – 2 × 0.0698)
= Exp(3.4656)
= $32.00
April 29, 2024 calculations
Top border of price channel:
Exp(Y1,197)
= Exp(a + b × X1,197 + 2 × s)
= Exp(a + b × 1,739 + 2 × s)
= Exp(3.6880 + -0.0002 × 1,739 + 2 × 0.0698)
= Exp(3.5273)
= $34.03
Bottom border of price channel:
Exp(Y1,197)
= Exp(a + b × X1,197 – 2 × s)
= Exp(a + b × 1,739 – 2 × s)
= Exp(3.6880 + -0.0002 × 1,739 – 2 × 0.0698)
= Exp(3.2480)
= $25.74
Description
- The primary trend is decreasing.
- The decline rate of the primary trend is 6.11% per annum.
- GLW price at the close of July 25, 2024 was $42.81 and was higher than the top border of the primary price channel by $9.29 (27.70%). This indicates a possible reversal in the primary trend direction.
Secondary Trend
Start date: October 12, 2023
End date: July 5, 2024
a = 1.2187
b = 0.0013
s = 0.0356
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × 0.0013) – 1
= 62.70%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.0356) – 1
= 15.33%
October 12, 2023 calculations
Top border of price channel:
Exp(Y1,061)
= Exp(a + b × X1,061 + 2 × s)
= Exp(a + b × 1,539 + 2 × s)
= Exp(1.2187 + 0.0013 × 1,539 + 2 × 0.0356)
= Exp(3.3424)
= $28.29
Bottom border of price channel:
Exp(Y1,061)
= Exp(a + b × X1,061 – 2 × s)
= Exp(a + b × 1,539 – 2 × s)
= Exp(1.2187 + 0.0013 × 1,539 – 2 × 0.0356)
= Exp(3.1998)
= $24.53
July 5, 2024 calculations
Top border of price channel:
Exp(Y1,243)
= Exp(a + b × X1,243 + 2 × s)
= Exp(a + b × 1,806 + 2 × s)
= Exp(1.2187 + 0.0013 × 1,806 + 2 × 0.0356)
= Exp(3.6984)
= $40.38
Bottom border of price channel:
Exp(Y1,243)
= Exp(a + b × X1,243 – 2 × s)
= Exp(a + b × 1,806 – 2 × s)
= Exp(1.2187 + 0.0013 × 1,806 – 2 × 0.0356)
= Exp(3.5558)
= $35.02
Description
- The secondary trend is increasing.
- The growth rate of the secondary trend is 62.70% per annum.
- GLW price at the close of July 25, 2024 was higher than the top border of the secondary price channel by $1.33 (3.22%).