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Global Growth With Corning CFO

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Stocks remain locked in an epic battle between global growth and financial distress. And one company that embodies the spirit of global growth is Corning (GLW). Nearly 75% of its revenue comes from outside the US. In this tumultuous tape, are multi-national companies such as Corning a smart buy?

Corning Chief Financial Officer Jim Flaws joins the guys for this conversation. Here are excerpts from what was said.

Have you see demand slowing down, lately?

“Our LCD glass business which is mostly an Asian business is driving the overall percentage (mentioned above.)” says Flaws. “It’s growing quite nicely.. We have not seen any slowdown in our glass business.

He adds “And recently we’ve seen some pick-up in telecom with new fiber in Europe… so we’re feeling quite good about our business, though watching the markets with some concern.”

Are you finding any spending issues?

“We’re not seeing any slowdown in consumer spending for things such as entertainment television or IT products…” says Flaws. “Many of the electronic retailers are continuing to offer credit for the purchases of large screen TVs. So far we have not seen any impact from the consumer slowdown on that part of our business.

Are you seeing momentum?

“We’re seeing very strong demand for LCD glass which feeds into both IT and television,” says Flaws. “We’re seeing good demand in telecom… and the other business we’re seeing improvement in, is our environmental control business with people buying more diesel cars in Europe.”

Electronic retailers are not saying good things about LCD TV’s. How can your business do well when their business is lagging?

“About 55% of our business is IT driven. Television is about 45% of the glass (business),” explains Flaws. “We have definitely seen TV’s moving. We monitor them in all markets… it is a global market and we’re seeing demand on track.”

He adds “In North America televisions are always weak in the late spring and early summer… but in Q4 they will be the advertised heavily and I think you’ll see strong demand for them.”

Dylan Ratigan asks the guys what they think of this stock?

Jeff Macke and Guy Adami are cautious on electronic retailer weakness.

Eric Bolling tells the panel Corning’s chart looks horrible.

Pete Najarian likes Corning for its diesel exposure.

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Trader disclosure: On Aug 16 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money; Macke Owns (INTC); (JWN); Najarian Owns (TMA); Najarian Is Short (GS); Najarian Owns (AA) Calls; Najarian Owns Straddles In (ETFC); Bolling Owns Gold; Bolling Is Short (FXI) And Owns (FXI) Put,; Bolling Has Closed Out Of His Long Japanese Yen Futures Trade