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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: j g cordes who wrote (36859)	4/27/2002 9:33:20 PM
From: j g cordes	Read Replies (1) \| Respond to of 68315

GLW analyst positive. "Barron's: Bullish outlook on Corning By Deborah Adamson, CBS.MarketWatch.com Last Update: 1:31 PM ET April 27, 2002 CORNING, N.Y. (CBS.MW) -- Despite the slump in telecom spending, investors might want to look at Corning as a value play, according to Alan Abelson's column in Barron's. Corning (GLW: news, chart, profile) is the world's largest maker of optical fiber, a role that has propelled it to great heights during the tech boom and caused the current depression in its stock as carrier spending dried up. But Abelson quotes Archie MacAllaster of MacAllaster Pitfield MacKay, who argues that Corning warrants a look. It's currently trading not far above its book value of $5.50 a share, of which $2 a share is in cash. Even if fiberoptics remains the company's main business, 48 percent comes from its advanced materials and information display units, which are flourishing. The advanced materials business includes glass-ceramic, glass and polymer technologies, among others, while information display makes liquid-crystal glass for flat panel displays and others. Also, MacAllaster points out that Corning has been around for 150 years and has weathered tough times before -- even prospered. MacAllaster, a member of Barron's Roundtable of stock seers, sees Corning becoming cash-flow positive in the second half of the year and making a profit next year. The stock should be at $9 by the end of the year, MacAllaster projects, with the article noting that he has been a buyer in the present price range. Shares of Corning were down 6.4 percent to $6.39 on Friday. Deborah Adamson is a reporter for CBS.MarketWatch.com in Los Angeles.