Corning Inc (GLW): Today's Featured Technology 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 Technology sector lower today making it today's featured Technology laggard. The sector as a whole closed the day up 0.9%. By the end of trading, Corning fell $0.16 (-1.0%) to $15.22 on light volume. Throughout the day, 9,925,542 shares of Corning exchanged hands as compared to its average daily volume of 13,759,500 shares. The stock ranged in price between $15.17-$15.45 after having opened the day at $15.42 as compared to the previous trading day's close of $15.38. Other companies within the Technology sector that declined today were: Ambient Corporation ( AMBT), down 10.2%, Uni-pixel ( UNXL), down 10.1%, Geospace Technologies ( GEOS), down 10.0% and TigerLogic Corporation ( TIGR), down 9.0%.
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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 $22.1 billion and is part of the electronics industry. The company has a P/E ratio of 12.8, below the S&P 500 P/E ratio of 17.7. Shares are up 21.9% 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 largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, expanding profit margins, increase in stock price during the past year 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 positive front, Plug Power ( PLUG), down 24.9%, Advanced Photonix ( API), down 19.2%, Kingtone Wirelessinfo Solution ( KONE), down 16.6% and Canadian Solar ( CSIQ), down 15.4% , were all gainers within the technology sector with Cree ( CREE) being today's featured technology sector leader.

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).

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

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