Corning (GLW)

[kennynah]

this is a rather liquid counter....can consider taking positions

*******************

Corning withdraws Q4, 2009 outlooks amid waning LCD glass demand
11/18/2008

(RTTNews) - Specialty glass maker Corning Inc. (GLW: News ) said Tuesday that it has withdrawn its previously issued financial outlook for the fourth quarter and 2009 because of waning demand for glass used in LCD televisions and desktop monitors.

"Panel makers, particularly those in Taiwan, have continued to reduce the utilization of their factories heading into the second half of this quarter in response to weakened retail demand for LCD televisions and desktop monitors", said Corning Chief Financial Officer Jim Flaws. "Demand in our wholly owned display glass business has dropped more precipitously than we expected just a few weeks ago. We are also seeing additional, but less severe, reductions in demand at Samsung Corning Precision Glass Co. Ltd., our equity company in Korea."

The Corning, New York-based company said it now expects fourth quarter sales to be below its prior guidance of $1.1 billion to $1.2 billion.

The company also said it now expects fourth quarter earnings per share, excluding special items, to be at the low end or below its guidance range of $0.20 to $0.28.

Analysts polled by First Call / Thomson Financial currently expect the company to earn $0.25 per share on revenue of $1.33 billion for the fourth quarter.

Flaws said, "The retail environment and the LCD supply chain are both extremely uncertain. As a result, since the display business is a significant contributor to our overall results, we are unable to offer revised guidance for the fourth quarter or for 2009 at this time."

The company said it will make further cuts in LCD glass manufacturing capacity in the fourth quarter, which will impact gross margins in the display technologies segment and the company overall.

Corning also said it will record restructuring charges in the fourth quarter and the first half of 2009 as it adjusts capacity and fixed cost structure to reflect the lower demand.

Even though there are indications of a prolonged global recession, Corning said its strong financial position will allow the company to endure an extended downturn in the economy. The company said it has $3.2 billion in cash and short-term investments and $1.5 billion of debt, only $250 million of which is due in the next four years.

Source: RTT

[iam802]

Time to visit Corning again. Why?

- Glass. Display. Where are they used?

[iam802]

Corning Supplies Gorilla® Glass for Samsung Galaxy S Premium Smartphone

http://corning.com/news_center/news_rel ... 82301.aspx

Evolution of Smartphones Led by Cutting-edge Display Technologies

CORNING, N.Y., August 23, 2010 – Corning Incorporated (NYSE: GLW), a world leader in specialty glass and ceramics, announced today that Corning® Gorilla® glass has been designed into the Samsung Electronics Galaxy S, a newly released premium smartphone.

The Samsung Galaxy S features a four-inch super AMOLED display, while weighing roughly 119 grams in a slim, highly durable design. The enhanced super AMOLED display is enabled in part by using Corning Gorilla glass as the protective cover. Gorilla glass is an environmentally friendly alkali-aluminosilicate thin sheet glass that is both scratch resistant and durable.

BJ Kang, senior manager of Samsung Electronics said, “Advanced display technology plays a crucial role in meeting consumers’ growing expectations on high-end mobile devices, especially smartphones. Corning’s Gorilla glass has helped maximize Galaxy S’s unique smartphone features by enabling a high-quality touch display.”

Haeng Hee Lee, president of Corning Korea Company Ltd added, “Device makers are challenged with designing stylish yet durable products. The Galaxy S is a fine example of a premium device created through the combination of Corning’s specialty glass and Samsung’s mobile display technologies. Corning’s Gorilla glass enables device makers to introduce durable display products with innovative designs.”

More than 20 major makers of PC and handheld devices have already recognized the benefits of Gorilla glass by designing it into more than 225 devices, and more than 55 models will be released over the next six months.

Note:
- this is the same glass used in iPhone

[iam802]

Bloomberg reported that Corning’s CFO highlighted that the growing demand for Gorilla glass may triple.

The Ichimoku chart currently shows that the support at $19.00 has held for Corning. It is still below the kumo, with a ‘weak’ bullish cross from the Tenkan sen and Kijun sen.

[iam802]

Corning showcasing their new Gorilla Glass and how tough it is...

http://www.engadget.com/2012/01/10/corn ... -on-video/

[winston]

THE FUTURE IS BRIGHT FOR THIS MARKET LEADER

Today, we're looking at a business that's benefiting from the "New Machine Age"...

This massive movement will take years – possibly decades – to unfold. And one company is driving this megatrend with products that you likely touch every day without realizing it.

We're talking about Corning (GLW). The $22 billion firm makes high-tech glass and fiber-optic cables. Its "Gorilla Glass" is used in 4.5 billion devices... including smartphones, tablets, laptops, and TVs.

Its customers include some of the world's biggest technology companies, like Samsung, Nokia, Dell, HP, Toshiba, Motorola, and LG.

Corning shares rose more than 25% from January to April. But the company reported earnings that fell short of analyst estimates... and shares pulled back.

Since then, Corning shares have recovered all of those losses and then some, recently hitting a new 52-week high. It's a perfect example of the power of investing in high-quality businesses when they go "on sale"...

Source: Daily Wealth

[winston]

High-tech-glass and fiber-optic-cable maker Corning climbs more than 25% in six months.

[winston]

Ultra-Cheap Value Stocks to Buy Now: Corning (GLW)

GLW P/E: 8.6

Corning Incorporated (NYSE:GLW) is the cheapest technology stock around. Cheaper than Apple Inc. (NASDAQ:AAPL). Cheaper than International Business Machines Corp. (NYSE:IBM). Cheaper, even, than HP Inc (NYSE:HPQ).

Yes, Corning is a tech stock.

Look at your mobile phone. That’s probably Corning Gorilla Glass covering the screen, glass that resists breaking even when you’re clumsy.

Corning says it is engaged in “materials science technology and innovation,” and that has been its focus since 1851. Over the years it has gone from headlights and telescope lenses to optical fiber cable and now, materials like Willow Glass, which makes solar panels flexible enough to roll into a tube.

Corning’s heavy investments in glass technology have helped it to profit margins of 25%, and it regularly delivers $3 billion in operating cash flow each year.

But the stock still sells for just less than 9 times earnings, even at 10-year highs. Investors who bought and held the stock since the bottom of the last crash have seen their dividends triple to 16 cents. GLW recently broke above its 2008 peak and is cruising even higher.

Corning just closed one of its most profitable years ever, earning $3.597 billion on revenues of $9.39 billion.

Profits can be choppy, quarter to quarter, as its development cycle and its customers’ products cycles don’t always coincide.

Corning reported a loss of $392 million, 36 cents per share, as recently as last March. But look at the year-to-year numbers, and those variations smooth out.

Why GLW is always in the realm of value stocks has been a mystery to me for years. It’s a stock for patient investors, and the stock price is prone to collapses, as in 2008, 2011, and 2015 — collapses that caused analysts to wonder whether the company would ever succeed again.

But it can, because it regularly deploys $750 million on research, because it sticks to its knitting, because it is inherently stable. CEO Wendell Weeks will have been in place for 10 years this April, and he’s a lifer, having joined the company in 1983.

Corning is simply one of those investments you seldom see anymore: a steady loyal outfit (it has kept its base in Corning, New York since 1868) that sticks to its knitting, that does its job, and that manages to keep up with a changing world.

Source: Investor Place

[winston]

Ultra-Cheap Value Stocks to Buy Now: Corning (GLW)

GLW P/E: 8.6

Corning Incorporated (NYSE:GLW) is the cheapest technology stock around. Cheaper than Apple Inc. (NASDAQ:AAPL). Cheaper than International Business Machines Corp. (NYSE:IBM). Cheaper, even, than HP Inc (NYSE:HPQ).

Yes, Corning is a tech stock.

Look at your mobile phone. That’s probably Corning Gorilla Glass covering the screen, glass that resists breaking even when you’re clumsy.

Corning says it is engaged in “materials science technology and innovation,” and that has been its focus since 1851. Over the years it has gone from headlights and telescope lenses to optical fiber cable and now, materials like Willow Glass, which makes solar panels flexible enough to roll into a tube.

Corning’s heavy investments in glass technology have helped it to profit margins of 25%, and it regularly delivers $3 billion in operating cash flow each year.

But the stock still sells for just less than 9 times earnings, even at 10-year highs. Investors who bought and held the stock since the bottom of the last crash have seen their dividends triple to 16 cents. GLW recently broke above its 2008 peak and is cruising even higher.

Corning just closed one of its most profitable years ever, earning $3.597 billion on revenues of $9.39 billion.

Profits can be choppy, quarter to quarter, as its development cycle and its customers’ products cycles don’t always coincide.

Corning reported a loss of $392 million, 36 cents per share, as recently as last March. But look at the year-to-year numbers, and those variations smooth out.

Why GLW is always in the realm of value stocks has been a mystery to me for years. It’s a stock for patient investors, and the stock price is prone to collapses, as in 2008, 2011, and 2015 — collapses that caused analysts to wonder whether the company would ever succeed again.

But it can, because it regularly deploys $750 million on research, because it sticks to its knitting, because it is inherently stable. CEO Wendell Weeks will have been in place for 10 years this April, and he’s a lifer, having joined the company in 1983.

Corning is simply one of those investments you seldom see anymore: a steady loyal outfit (it has kept its base in Corning, New York since 1868) that sticks to its knitting, that does its job, and that manages to keep up with a changing world.

Source: Investor Place

[winston]

Stocks to Buy for Buffett: Corning (GLW)

One of the 102 stocks held by the SPDR S&P 500 Buyback ETF (NYSEARCA:SPYB) — invests in S&P 500 companies with highest buyback ratios — Corning Incorporated (NYSE:GLW) comes very close to Buffett’s criteria of 1.2 times book value but ultimately missed the mark in fiscal 2016.

Although its net income in fiscal 2016 dropped by 14.1% to $1.3 billion, its display technologies segment, which makes the glass screens for LCD TVs, had a good year in terms of revenue.

Revenue increased by 4.9% year over year to $3.2 billion; five out of six of its segments increased revenues in 2016 with four of them above $1 billion in annual revenue.

As for buybacks, it repurchased $4.2 billion of its stock in fiscal 2016 at an average price of $21.31 or 1.3 times its book value of $16.65 per share.

Currently, its stock trades at 1.6 times book value, significantly less than the S&P 500 at 2.8.

Source: Investor Place