So Dow Corning (GLW) came out today with Q1 financial results. Despite the impact caused by the tragedy in Japan and the negative press their supply chain received, Corning reported that sales grew 17 percent, to $1.58 billion in the first quarter. Their adjusted net income, which excludes these tax benefits, rose 2 percent in the quarter. This is certainly a positive indicator for watchers of GLW. I have blogged on April 7th that GLW is an undervalued stock on the fundamentals alone.
Technically, the company is trading below its 1 year regression-to-mean line on a recovery trend and their MACD is oscillating up (see chart). That is all good for the casual observer. However, what really interests me is their rising market share in the Touch-Screen mobile and tablet markets. Don’t forget the expanding Touch-Monitor market for PCs and even Touch-Screens for TVs (Oh .. you don’t have one of those yet! ) that are slowly but surely entering the main stream computing market.
Another factor for helping GLW growth this year is the aggressive effort by the Japanese Tech manufactures to boost their production and sales as part of their recovery.
GLW is now trading below $21 and I think it should get a $24 handle within 4-6 months.