my worst case scenario on GLW is 3.50. I don't really think it will go below $5. But let me tell you what is happening in the Corning community. Since they announced an additional 4,000 jobs company wide (1,000 in the Corning area), morale is zilch, people are walking around waiting for the ax to fall. there is not much work, and people aren't even doing what there is. there is a school board election tomorrow 5/21 and the big issue is whether the planned new high school, for which GLW will foot the bill for $65 million over the next 20-30 years is much in contention. it was passed a year ago, but new folks running for the school board want to overturn the new school referendum. part of the reasoning for the new school was the continued growth in the area base on GLW's growth. well, that was last years, or two years ago story. Now GLW is cutting back big time, but has stayed committed to the new school and its funding. Many feel that GLW has held off on the latest round of layoffs until after the school board election. so do i.
OTOH, the current leadership of GLW will do what is necessary to get the company back on its feet and cash flow positive. there are healthy business, flat-screen and substratres (catalytic converter components) - and Jamie Houghton, the old and new CEO, has affirmed there are many powerful projects in the works, and not just in fiber optics or photonics.
the timing of GLW's return is certainly questionable, but, when,- when, not if, there is an announcement of some brightness in the fibre sector, this stock will take off. till then....... larry |
