A Bright Future In Corning

An expected ruling from the FCC that would strike down the monopolies that cable companies have with the developers and owners of apartment buildings could be the vehicle needed to get Corning’s stock moving, Cramer said on Tuesday’s Mad Money.

Many cable companies sign contracts with apartment buildings, especially in cities, that give them the right to deliver video content exclusively. But the expected ruling from the FCC would open that up to allow the big telco players in on the action. Cramer thinks Verizon and AT&T are ready to storm the apartment ramparts and take share from the already-wounded cable companies, but there’s a better way to play it.

Corning is best known for manufacturing glass for liquid-crystal-display screens, but it also makes bendable optical fiber, an innovative product that makes wiring apartment buildings a whole lot easier and cheaper. (Old fiber-optic cable can’t be bent or else the signal gets lost).

The company recently reported earnings and cast a conservative guidance, which Cramer thinks was for the purposes of lowballing estimates so it can be sure to hit, or beat, the number next time. The fact is, Corning is simply too cheap not to be owned, he said.

Finally, Corning has a “ridiculously low” valuation relative to other companies in the LCD game – particularly those who make the panels. Cramer called it “nuts” that the LCD panel companies are so celebrated while Corning gets such poor treatment from the Street even though it is in the same industry and happens to be in better shape.

The expected FCC ruling is the catalyst for Corning, but its bendable fiber product coupled with a low valuation means this company is ready to shine. Cramer would even break his usual “wait five days before buying” rule to get in ahead of the FCC decision.

Jim's charitable trust owns Corning.

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