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Technology Stocks : Corning Incorporated (GLW)
GLW 88.32-8.0%Dec 12 9:30 AM EST
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To: runningelk who wrote (380)1/22/2000 11:40:00 AM
From: Asymmetric   of 2260
 
My Assessment of Corning at $163/Sh.

Obviously there's been a huge accumulation of shares
in Corning and money inflow into the stock in just the
past month. Actually, the proper english term would be
explosion. So where does that leave us today?

Some facts to mull over:

At $163/sh, Corning now sells for a PE of 89.
At $163/sh, Corning's forward PE ratio on projected Yr 2000
earnings of $2.34 (consensus estimates) is 69.6
Corning's PEG ratio is over 3.7.
With 1999 Revenues of $3.47 Bil, Price/Sales Ratio is 10.
Note however that using past 12 months figures Corning's
sales figure is $3.975 Bil.
Corning's 1999 Profit Margin is lsited as 11.3% and projected to
rise in 2000 to 18% or so. Note that Corning's past historic
5 yr net profit margin was 5.4%
Corning has 20,000 employees and has a Sales/Employee ratio
of $174,200.
Corning carries a Debt Ratio of 0.7%, and they are covering their
purchase of Siecor by proposing to float an additional
13 million shares.
Corning's Return on Equity is 25.5%

Corning has risen 131.8% in the last 3 months.
Corning's 50 day moving ave is at $111.80
Corning's 200 day moving ave is at 76.61

My own personnal conclusion is that right now Corning is a
very, very expensive stock fundamental wise, and technically
the stock is very extended in price. I would not counsel
it's purchase at this price. But in light of the fact that
fiber-optic cable, which comprises over 50% or Corning's
total sales, has a very bright future over the next several
years, would consider this on any major market pullback.

This is just one person's opinion and obviously in no way
is meant to be construed as investment advice. As always do
your own due diligence.

Good luck to all.
Back to lurking.

Peter

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