Let’s talk about tech; well the stocks at least. Stocks that we think resemble the movie, Old Yeller. In other words, everyone has fond memories but forget the happy ending. (And apologies to those of you who didn’t know how Old Yeller ended before reading this.)
We’re talking about stocks such as Microsoft , Cisco and Intel . Halfway through 2008, they are second only to the financials in their futility. But our Guy Adami sees a blue-ribbon winner amid all these mutts. Who's impressed him so, why Corning !
This very old dog used to make light bulbs and cookware but now its new trick is one of the hottest things going in tech right now. Corning is the biggest maker of glass for flat-panel TV’s.
Why does that matter? Because the LCD market gravy train is expected to double in the next four years! And on Thursday, Wal-Mart confirmed the trend saying HDTV sales have jumped by double digits.
At 11 times forward earnings the valuations are very compelling, Adami adds. Also Corning has a 58% market share in the LCD space and Merrill upgraded them Thursday.
That’s why he crowns Corning as the 150 year old dog with a great new trick!