Corning Inc (GLW): Today's Featured Electronics Laggard

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

Corning ( GLW) pushed the Electronics industry lower today making it today's featured Electronics laggard. The industry as a whole closed the day down 0.9%. By the end of trading, Corning fell 23 cents (-1.9%) to $12 on average volume. Throughout the day, 21 million shares of Corning exchanged hands as compared to its average daily volume of 14.6 million shares. The stock ranged in price between $11.90-$12.25 after having opened the day at $12.24 as compared to the previous trading day's close of $12.23. Other companies within the Electronics industry that declined today were: Renewable Energy Trade Board ( EBOD), down 23.8%, CEVA ( CEVA), down 13.3%, Ambarella ( AMBA), down 11.8%, and Spansion Inc Class A ( CODE), down 10.9%.
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Corning Incorporated produces specialty glasses, ceramics, and related materials worldwide. The company operates in five segments: Display Technologies, Telecommunications, Environmental Technologies, Specialty Materials, and Life Sciences. Corning has a market cap of $17.96 billion and is part of the technology sector. The company has a P/E ratio of 9.6, below the S&P 500 P/E ratio of 17.7. Shares are down 3.7% year to date as of the close of trading on Tuesday. Currently there are 10 analysts that rate Corning a buy, three analysts rate it a sell, and seven rate it a hold.

TheStreet Ratings rates Corning as a hold. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.

On the positive front, Digital Power Corporation ( DPW), up 15.4%, Freescale Semiconductor ( FSL), up 14.8%, Himax Technologies ( HIMX), up 11.4%, and Trio-Tech International ( TRT), up 11.1%, were all gainers within the electronics industry with Avago Technologies ( AVGO) being today's featured electronics industry leader.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the electronics industry could consider iShares Dow Jones US Technology ( IYW) while those bearish on the electronics industry could consider ProShares Ultra Short Semiconductor ( SSG).

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