This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Corning Says View Still Rosy

Corning (GLW - Get Report) tempered views on the hot LCD market with lower-than-expected guidance, but it saw no inventory pile-up or demand slump.

"We are anticipating being right on track where we thought we would be for the full year," says Kate Asback, Corning's vice president of finance.

But investors, who had been hoping for a blowout year for Corning's liquid crystal glass business, now are likely to revive worries that the credit crunch may be dragging down consumer spending on luxury items like flat-screen TVs.

Shares of the Corning, N.Y., glassmaker fell 6% early Wednesday after the company reported strong third-quarter results but pegged fourth-quarter numbers below Wall Street's targets . Corning expects to post adjusted earnings of 37 cents a share on about $1.5 billion in sales for the December quarter, while analysts had forecast a 39-cent profit on sales of $1.62 billion.

As a supplier to the flat-panel computer and TV manufacturers, Corning's LCD glass orders usually come three months before the finished products hit the stores, says Asback.

"The top of the cycle was earlier this year," she says.

Two factors may have limited the LCD growth this year, say analysts and industry watchers.

For one, Corning refused to cut prices as much as it had in previous years. The price of LCD glass fell 8% from year-ago levels, far less than the 20% price drop at the same time in 2006, says Asback.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GLW $16.96 -1.70%
AAPL $112.00 0.35%
FB $94.17 -0.10%
GOOG $652.44 0.89%
TSLA $220.37 2.20%


Chart of I:DJI
DOW 17,112.75 -19.11 -0.11%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,814.4130 -24.23 -0.50%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs