Corning makes specialty glass and ceramics that are used in everything from flat-screen TVs to optical fiber to biosensors for drug research.
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great company with a great position in flat panel market. But we are going into a recession and the consumer can no longer use home equity to purchase expensive discesionary toys.
I would look for an entry point bellow $11/share.
today 10/7 GLW is at $12/share. It reported earnings of $0.45 for Q4 and I think it is trading at about a 4 P/E based on trailing earnings. GLW projected flat screen TV sales would drop ONLY 10% and that the drop would have little impact on earning. IF this is true, and a big if, GLW is now a screaming buy. I am going to keep my short position active but look to change sides sooooooon. My original post thought about $11/share as an entry point I think that is reasonable but maybe wait for high single digits. If Xmas shopping goes as poor as I think the flat screens will need to be discounted to sell and that pressure on margin will need to go back to suppliers.GETTING TO BE VERY INTERESTING ON THE LONG SIDE.
GLW lowered outlook recently. Corning needs a catalyst, a new product, improved product, a better- than-expected outlook for LCD or fiber optic cables. Anything. Not selling what I got, but until that happens I can't buy more.