Corning (GLW:NYSE) Management upped GLW‘s dividend and approved a stock buyback. GLW is consequently up over 5% at the time of this entry. But how many times have we seen this type of shareholder friendly news fail for short term traders ? If you have a long term time frame, the recent GLW news is positive, but traders should remember that there is still a downside gap that needs to be filled.

Apple Computer (AAPL:NYSE) It doesn’t take a genius to figure out that the Steve Jobs related news is weighing on the stock. However, many investors might be underestimating the innovation of the successors. Keep in mind that the $360 range is the short term line in the sand, and recent history has shown us that institutions love to buy dips in AAPL.

JC Penney (JCP:NYSE) I am mentioning this retail name for one reason, and it has nothing to do with fundamentals or technicals. JCP lowered guidance and the stock is up so far, and is near the highs of the day. A stock that goes up on bad news is often a sign of a bottom. Add JCP to your list of stocks.

Morgan Stanley (MS:NYSE) What a difference a couple of days makes. We touched on MS a couple of days ago when everyone was extremely negative. Just remember that the time for bounces in quality names often occur when pessimism is high. So is it time to sell after this recent bounce ? Time will tell. Just remember that tomorrow is Friday and a retest of lows on MS in the near future wouldn’t be a surprise.

Molycorp (MCP:NYSE) MCP has two different types of followers. On the long side there are many who feel that MCP is a 3 digit name at a minimum. On the other hand, some bears feel that the RE bubble has burst and MCP might trend back towards it’s IPO price. Just remember that despite the perceived economic slowdown, MCP has some support in the low $30 range.

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BAC Breaking News   BAC and AAPL
Bank of America (BAC:NYSE) Buffet buys and lends confidence to the name, but BAC CEO Moynihan loses credibility at the same time. How weird is this ? Fast Money’s Cortes and Najarian were not very bullish for the short term, so the early AM move might signal nothing more than a short covering pop. Just remember, even though Buffet hit home runs with Goldman Sachs (GS:NYSE) and General Electric (GE:NYSE) during the Lehman Crisis, the Oracle of Omaha still receives better terms on his purchases than the Average Joe does. So take this booster shot with lightly if you have a short term perspective. Also watch for an upcoming piece from PSE on BAC Warrants.

aapl Breaking News   BAC and AAPLApple Computer (AAPL:NYSE) The Steve Jobs news has essentially been baked into the cake for some time. Weak hands seemed to be the cause of the $357.00 print earlier on Thursday, and shares of AAPL have consequently rebounded. In other words, this move somewhat was expected and bottom fishers stepped in and were rewarded handsomely. On a technical basis, the weekly chart shows that AAPL has tremendous support in the low $350′s range. Remember that even though skeptics will say AAPL is done, they still have $76 billion in cash reserves and products that stores can’t keep on the shelves.
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