The stock of LCD star Corning (GLW), first discussed on April 30, 2010, at a price of $19.65, has pulled back to about $21 after pushing $24, but investors should just view that retreat as an opportunity to scoop up shares of a premiere company.

Corning's revenue will probably surge 10% to 12% in 2011, after a 24% jump in 2010, as the recovery in the display sector continues.

Corning, the world's largest manufacturer of liquid crystal displays, is well-positioned to benefit from increased demand for flat-panel televisions, as well as computer monitors.

LCD star Corning Inc. (GLW) has pushed above $20 resistance to trade near $22, and the outlook for investors remains encouraging. I first discussed Corning here on April 30, 2010, at a price of $19.65.

Look for Corning's revenue to rise 10 to 12% in 2011, after a 24% jump in 2010, as the recovery in the display sector continues.

Analyst Upgrades

• Aetna (AET) to buy from neutral at Goldman.
• Kellogg (K) to buy from neutral at UBS.
• PetSmart (PETM) to outperform from market perform at JMP Securities.
• NetApp (NTAP) and Scripps Networks (SNI) to buy from hold at Wunderlich.
• Thoratec (THOR) to buy from hold at Auriga.
• ArcelorMittal (MT) to overweight from neutral at HSBC.
• Bristol-Myers (BMY) to outperform from neutral at Cowen.
• Eaton Vance (EV) to neutral from sell at Ticonderoga.
• Adtran (ADTN) to buy from underperform at BofA/Merrill.

Analyst upgrades:

• Verizon (VZ) to conviction buy from buy at Goldman.
• CSX (CSX) to outperform from market perform at Wells Fargo.
• AK Steel (AKS) to overweight from neutral, as well as Lorillard (LO) and Fifth Third Bancorp (FITB) to neutral from underweight, at JPMorgan.
• Marathon Oil (MRO) to overweight from equal weight at Morgan Stanley.
• Corning (GLW) to buy from outperform at CLSA.
• Quest Diagnostics (DGX) to buy from hold at Jefferies and to outperform from sector perform at RBC Capital.
• Salesforce.com (CRM) to buy from neutral at Roth Capital.
• Baker Hughes (BHI) to buy from hold at Weeden and to outperform from neutral at Macquarie.
• Western Digital (WDC) and Seagate (STX) to buy from underperform at BofA/Merrill.

Corning (GLW - option chain) shares are rising today after the company said this morning that it expects Q4 LCD glass market volumes to be consistent with those from Q3. Previously Corning had forecast volumes to be flat or down slightly. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on GLW.

GLW opened this morning at $19.02. So far today the stock has hit a low of $18.89 and a high of $19.27. As of 12:15, GLW is trading at $18.94 up 0.30 (1.6%). The chart for GLW looks bullish and S&P gives GLW a positive 4 STARS (out of 5) buy ranking.

I first discussed Corning (GLW) on April 30, 2010, at a price of $19.65, and the shares continue to meander. But the calculation here is to maintain the trade. Even so, GLW is trying investors' patience.

Corning's shares should have exhibited some traction by now. Corning's revenue will likely surge 25% to 30% in 2010, then rise 7% to 10% in 2011, as the recovery in the display sector continues.

Corning Incorporated (GLW) issued Q3 numbers earlier today. The market decided to give the stock a boost after digesting the data, but results were somewhat mixed.

The press release says that adjusted profit increased over 20% to 51 cents per share. This was in comparison to last year's performance. On a sequential basis, per-share income actually declined 12%. Also, according to this summary from Briefing.com, expectations were set at 52 cents per share. If only the management team could have delivered an extra penny or two. Can't always happen, my investing friends.

It will be a busy week. Republicans are poised to gain control of the House of Representatives and gain governorships in Tuesday's mid-term elections. Also, the Federal Reserve is expected to announce another round of quantitative easing Wednesday, following the FOMC meeting. Major retailers are scheduled to report October same-store sales Thursday, while the October unemployment rate, announced on Friday, is expected to remain at 9.6%.

Toyota's (TM) fiscal second-quarter results will be one of the highlights on the earnings front this week. After three periods of way underestimating Toyota's earnings, have the analysts surveyed by Thomson Reuters got it right this time? The stock sure could use a boost. Teva Pharmaceuticals (TEVA) is in a similar situation; i.e., high expectations for this week's quarterly results but a stock in need of a boost. Marathon (MRO) and Starbucks (SBUX) are also expected to post strong earnings growth this week, but both stocks are riding high.

Corning (GLW - option chain) shares are rising today after GLW CFO James Flaws told attendees at an investment conference this morning that he expects Q3 glass volume to be down about 5% from the second quarter due to an inventory correction. He added that the company expects glass pricing to remain at Q2 levels, LCD TV sales have remained strong outside the US, and all other business segments are on track or exceeding expectations in the third quarter. Finally, Flaws said GLW thinks it can reach $10 billion in sales in the next few years. GLW posted $5.4 billion in sales in 2009. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on GLW.

GLW opened this morning at $17.03. So far today the stock has hit a low of $17.03 and a high of $17.89. As of 12:05, GLW is trading at $17.88 up $1.07 (6.4%). The chart for GLW looks bullish and S&P gives GLW a positive 4 STARS (out of 5) buy ranking.

"In my view, Corning (GLW) shares are exceptionally cheap at a mere nine times current year and 2011 earnings," says environmentally-aware investing expert Brendan Coffey.

The editor of Cabot Green Investor explains, "Primarily, we're excited by the emergence of a technology invented in 1962 that languished without an appropriate market for 45 years until 2007: Gorilla glass.

The shares of Corning Inc. (GLW), first discussed on April 30, 2010 at a price of $19.65, have unexpectedly misbehaved this summer, falling from a high at/near $21 to about $15, but I still like the shares. Here's why:

Look for Corning's revenue to surge 25-30% in 2010 as the recovery in the display sector continues.

Corning, the world's largest manufacturer of liquid crystal displays, is well-positioned to benefit from increased demand for flat-panel televisions, as well as computer monitors. Rising China-based demand, ample room for market share gains in other emerging market countries, a solid balance sheet, and cost cuts add to the positive story.

Analyst Upgrades

• Wells Fargo believes Intuitive Surgical (ISRG) da Vinci procedures remain under penetrated and that consensus estimates are too low. The firm upgraded shares to outperform from market perform and raised its valuation range to $340 to $360.
• Cantor Fitzgerald upgraded Westamerica (WABC) to buy from hold due to the company's FDIC-assisted acquisition of Sonoma Bank and what the firm sees as Westamerica's defensive nature. The firm set a $62 target on the stock.
• Oppenheimer upgraded Corning (GLW) to outperform from perform based on valuation and the belief that downward revisions have peaked. The firm has a $20 target on the stock.
• Quality Systems (QSII) was upgraded to outperform from market perform at JMP Securities.
• OpenTable (OPEN) and Windstream (WIN) were upgraded to buy from neutral at BofA/Merrill.

Analyst Upgrades

• Goldman upgraded Republic Services (RSG) to buy from neutral and raised its price target to $34 from $32. The firm cites valuation for the upgrade.
• Deutsche Bank upgraded MeadWestvaco (MWV) to buy from hold due to valuation and keeps a $29 price target for shares.
• UBS upgraded Symantec (SYMC) to buy from neutral.
• Lloyds Banking (LYG) upgraded to add from neutral at WestLB.
• Ternium (TX) was upgraded to overweight from equal weight at Barclays.

In between the world of tech stocks and companies that employ technology is Corning Inc. (GLW). In between the world you see on hand held devices, computers, and flat screen televisions and the world within is Corning's Gorilla Glass.

Oddly this is not a new product; it was developed 48 years ago. It is thin, light weight, very strong and scratch resistant. It seems that new uses are being discovered every day, and those uses are in products that are in high growth mode. Today there is an expanding array of touch screens and flats-screens.

How big is this opportunity, and will it ignite Corning stock value?

Analyst upgrades:

• BMO Capital upgraded Intercontinental Exchange (ICE) to Outperform from Market Perform based on valuation and the company's growth outlook. The firm has a price target of $125 on the stock.
• Morgan Keegan upgraded WESCO (WCC) to Outperform from Market Perform ahead of Thursday's earnings report based on valuation and expectations for stronger than expected sales.
• Keefe Bruyette upgraded Bank of Marin (BMRC) to Outperform from Market Perform with a $40 price target following the company's Q2 results.
• BHP Billiton (BHP) was upgraded to Overweight from Equal Weight at Barclays.
• PPG Industries (PPG) was upgraded to Overweight from Equal Weight at Morgan Stanley.
• Schnitzer Steel (SCHN) was upgraded to Buy from Neutral at UBS.