Still liking Corning

Jeffries out on LCDs:

Demand remains robust and is expected to continue strong into the Beijing Olympics in August. The channel continues to build in anticipation of a strong June quarter – inventories are rising, but they're coming off 6 year lows so don't worry about it yet. Corning's glass supply is tight and expected to remain so.

Corning (GLW) reaffirms forecast

Corning reaffirms their forecast every time they're going to speak at a conference or industry event. Most companies just tell you when something has changed, they tell you that they're the same. It's noisy and creates unnecessary moves in the stock. I wish they'd stop doing it.

Trends are good in the flat panel business and I think it will prove to be a banner year. That said, the consumer is on strike. My wife says not spending is the new black.

Fiber will see some increased margin due to Corning's innovative bendable fiber -- perhaps the only way to roll out fiber throughout metropolitan apartment buildings.

There's nothing to do here, though. Just tune out the boy who cried in line.

GLW Q4:2007 Results

Corning came in better than expected on top and bottom line and guided higher than consensus for next quarter on earnings.

Strength showed in the display technologies segment, beating consensus estimates for that segment by roughly 5%. The telecom fiber segment hit consensus.

The stock is up a bit pre-opening. I think Corning is set up to have a banner year on the back of the forced digital television upgrade cycle the FCC has in place via the analog cut off set for 2009.

Under 15* earnings estimates of $1.70 (where I figure consensus estimates go after analysts raise numbers) which is under $25, it's probably a buy.

I wrote up some digital TV thoughts in a prior post: Digital TV is the driver