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Monday, March 23, 2009

Corning (GLW) shows a little more leg

From a proxy filed this morning:


Retail sales of LCD TVs in Q1 have been strong so far.

February data:

U.S. unit sales up 39% YOY.

Japan unit sales up 30% YOY.

Only January data available for Europe and China:

Europe unit sales up 49% YOY.

China unit sales up 109% YOY.

Reported utilization rates at the panel makers continue to improve.

Taiwan: 20% in December to >40% in February.

Korea: 50% in December to almost 80% in February.

We expect panel maker utilization rates to increase again in March.


Glass orders have increased over the past several weeks.

SCP and wholly owned business.

Q1 total glass volume now expected to be flat to down 5% sequentially.

Original expectation: down 20% - 25% sequentially.

No change to our Q1 glass price decline expectations for our wholly-owned business.

Q2 pricing not finalized, but price declines expected to be more moderate than Q1.

Price pressure from customers could still affect these expectations.

Corning now expects to have positive net income, excluding special items, in Q1.

Original expectations “about breakeven”.

Better retail sales commentary on US has me long Best Buy (BBY) for a trade today.

Expectations of positive net income excluding special items in Q1 are very vague.  The street is at 4 cents, above Corning’s guidance of breakeven.

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