For the first time since 2022, Corning (GLW) traded above $40.00. Shares gained 11.99% on Monday and trade at a price-to-earnings ratio of 60 times. Markets rewarded GLW stock after the firm increased its second-quarter outlook.
Corning said that generative artificial intelligence is a catalyst. The firm sells products that make their way to the automotive, life sciences, and smartphone sectors. Sales will top $3.6 billion, above the previous forecast of $3.4 billion. At up to $0.46 a share, GLW stock trades at a forward P/E of 23.4 times.
Super Micro (SMCI) has the momentum to trade back at $1000. It has a good chance of leading the AI market in the second half of 2024.
Etsy (ETSY) was among the most shorted stocks on the S&P 500 in June at a short interest as a % of float at 12.47. It continued to reward bears by falling by 5.3% on Monday. Avoid ETSY stock. Its valuation is still poor at 2.97 times EV/Sales. The sector median is 1.21 times.
In the restaurant sector, Chipotle Mexican Grill (CMG) may pull back enough to create an entry price. The stock peaked at $69.26 and closed below $60. The stock is more compelling at around $50.00.
