Cut and Paste on Corning
Corning Inc (GLW) has backed down again from the mid $14 range to the mid $13 range. In 2012 its been a monthly occurrence for GLW to drop around $1 before recovering after 5 to 10 trading sessions.
We feel this decline is no different and expect the stock to recover to mid $14 range again within 30 days. Play it safe and set your expectation for a 5 to 10% increase in the next 3 months.
We like that once again thanks to its discounted value Corning pays a 2.2% annual dividend yield. Since last Wednesday GLW has shed 5% and closed today at $13.60. You may be tired of hearing our argument for Corning so we turn to Tamara Rutter at Fool.com:
As part of the company's specialty materials segment, Gorilla Glass currently accounts for about 14% of Corning's revenue. We can expect that figure to grow in tandem with rising smartphone and tablet sales. According to a report from market research firm Display Search, sales of touchscreen devices will soar to $24 billion by 2017. That's a massive market and one in which Corning largely has the upper hand.
...Not enough to impress Mr. Market...
Shares of Corning are down 30% for the year, despite beating analyst expectations for its latest quarter. I think the market got this one wrong. Mr. Market can throw rocks at Corning's Gorilla Glass house, but it isn't shattering anytime soon. Strength in Corning's other businesses and increased demand for its Gorilla Glass should help ease the temporary weakness in its display technologies segment. In addition to its specialty materials business, the company's telecommunications unit is also packed with potential.
MASTERY Bottom line:
Refer to the article title, GLW is going to bounce back. Take a good look at what this stock has done in 2012, its almost a perfect sine wave.
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