The float is reduced with buybacks. That results in bigger moves in both directions. I like dividends as well like today. Nice to bank the money. But to get us over 30 the float is very important along with continued profitability. Let us hope we continue to do well in any case.
Yeah, as shown today with a bigger reversal on a lower DJI % than yesterdays gain as I continue to prove what I have been saying - The buy backs as it relates specifically to Corning DO NOT and HAVE NOT worked.
Sentiment: Strong Buy
In a report published Tuesday, Cantor Fitzgerald analyst Brian White commented from the Far East, where he is conducting a fact finding mission in meeting with key LCD supply chain companies.
White noted that a meeting with an unnamed LCD supply chain company highlighted a weaker-than-average performance in February, driven by softness in the smartphone market, combined with weak trends in a next-generation, consumer-related program.
The analyst continued by stating that a Korea-based smartphone customer began an "inventory correction" in the fourth quarter 2014 and this is expected to continue into the second quarter of this year. Another customer program that was planned to launch in the second quarter received a 20 percent to 30 percent cut to its sales forecast.
White stated that the smartphone market in China was specifically called out as showing softer-than-expected trends with both local brands and international brands losing market share to Apple Inc. (NASDAQ: AAPL), with the analyst's contact stating that "the people want Apple" in China.
White also discussed Corning Incorporated (NYSE: GLW)'s Iris Glass, noting that new programs are poised to offset "lackluster" smartphone demand. However, a component contact also stated that Corning's Iris Glass "may prove too expensive for the TV industry to swallow."
Shares of Apple are Buy rated with a $180 price target.
Shares of Corning are Hold rated with a $20 price target.
hobo- As far as the company goes, I am forced to agree; the valuation doesn't make any sense to me. On its face, the company looks like a big time value. When I purchased it, it looked like an even bigger value. My purchase price was about $12/share. The company still sounds like good to me.
As far as the market goes, it is really fickle. I have no idea why the market doesn't more richly reward Corning; it looks to me like a great company that knows its business extremely well. My best guess is that this is going back many years ago when a lot of people got burned by Corning stock. Maybe, the market is looking for some big time acquisition or a sale of Dow-Corning.
Overall, by your own admission, the company is producing great products, has good markets and is operating conservatively. This is a big part of the CEOs job and that seems to be moving along. The other part (rewarding shareholders) is typically done via buybacks and dividends. Personally, I prefer dividends over buybacks. But, I recognize the effort either way; it looks like the CEO is trying in that regard.
A good part of a stock price is based on perception. If a perception is less than ideal, price can reflect that. So, slow and steady (as annoying as that is).
CHICAGO, I do know the math and I do know the amount of profit I've made. The annoyance is that it should be 2-3 times what it is and its not greed. My total $ value is sitting around 1.5M. In the investing community there is no confidence in Corning management and that goes back 10 years, they have great products, great markets, they have 30+% of the Market Cap in cash and the stock price moves like cooling lava. Lastly, the Buy Backs as it relates to Corning HAVE NOT worked. They work with other companies but not here. Corning could have paid one time payments of 1.00/sh 4-5 times as opposed to the BB, that would have been real dollars in shareholder pockets - AMEN
Sentiment: Strong Buy
Weeks doesn't need to listen to me or anyone else on this board. But what he should be doing is comparing his performance with his peers since he has been CEO. And his performance stinks.
Hobo- I don't get it, either. Let us say you bought $10,000 worth of Corning and are averaged in at about $5/share. That would mean you owned about 2000 shares. This would mean your $10,000 investment would be worth around $45,000 right now. Plus, you would have also accrued the dividends over that time. Currently, that would equal about $1,000/year on your investment.