Is The Corning (GLW) News A 'Green Shoot'?
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Is today's Corning (NYSE: GLW) news one of the "green shoots" Fed Chairman Ben Bernanke was talking about?
Corning said it now believes total glass volume for the first quarter could be flat to down 5% sequentially, versus its original guidance of down 20% to 25%. Corning now believes it will have positive net income, excluding special items, in the first quarter.
Corning's LCD glass is used in TV and computer screens, so signs of stabilization could suggest the consumer is stabilizing.
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Shard Boy on Mar 19, 2009 10:37 AMWhoa! Nice shooting Tex, but the improvement in Cornings glass business is coming from the same thing that is helping a number of global technology businesses move off the bottom; that is a push from the Chinese Stimulus Program and VERY lean inventories throughout the panel business. Rebuilding inventories at the panel and OEM levels does not indicate that demand has returned, nor is Corning saying that they see improving demand. Remeber how bad things got just a month or two ago, so any improvement looks better than where we have been, but glass volumes flat to down from 4th quarter does not indicate demand improvement. Would be nice, but not yet.