Corning Inc (GLW): Today's Featured Technology Winner

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 Technology sector higher today making it today's featured technology winner. The sector as a whole closed the day up 0.1%. By the end of trading, Corning rose $0.33 (2.1%) to $15.70 on average volume. Throughout the day, 12,486,592 shares of Corning exchanged hands as compared to its average daily volume of 13,493,900 shares. The stock ranged in a price between $15.38-$15.70 after having opened the day at $15.42 as compared to the previous trading day's close of $15.37. Other companies within the Technology sector that increased today were: FalconStor Software ( FALC), up 24.6%, LightPath Technologies ( LPTH), up 23.7%, Pixelworks ( PXLW), up 22.6% and Wave Systems Corporation ( WAVX), up 21.1%.
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Corning Incorporated produces and sells specialty glasses, ceramics, and related materials worldwide. It operates through five segments: Display Technologies, Telecommunications, Environmental Technologies, Specialty Materials, and Life Sciences. Corning has a market cap of $23.0 billion and is part of the electronics industry. The company has a P/E ratio of 13.3, below the S&P 500 P/E ratio of 17.7. Shares are up 21.8% year to date as of the close of trading on Friday. Currently there are 10 analysts that rate Corning a buy, 1 analyst rates it a sell, and 5 rate it a hold.

TheStreet Ratings rates Corning as a buy. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, expanding profit margins and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity.

On the negative front, Renewable Energy Trade Board ( EBOD), down 76.3%, Superconductor Technologies ( SCON), down 17.3%, Net Element International ( NETE), down 16.2% and Giga-tronics ( GIGA), down 13.1% , were all laggards within the technology sector with Sprint Nextel ( S) being today's technology sector laggard.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the technology sector could consider Technology Select Sector SPDR ( XLK) while those bearish on the technology sector could consider ProShares Ultra Short Technology ( REW).

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