LCD giant Corning Incorporated (GLW), first discussed on April 30, 2010, at a price of $19.65, appears to be starting to reward investors' patience, after meandering for the second half of 2010, hence the trade has been maintained.

Look for Corning's revenue to surge 25% to 30% in 2010, then rise 8% to 12% in 2011, 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. Also, margins should rise to about 42% in 2011.

This post is part of our Big Company, Small Town series, featuring large companies and the small towns in which they are headquartered.

Rest assured, the first decade of the 21st century is not likely to be remembered as a renaissance period in U.S. history. No one will confuse this decade with the Roaring '20s or even the Wonderful '90s.

Further, if the nation needs an example of rebirth and renewal -- it would be hard to find a better one than the story of multinational corporation Corning (NYSE: GLW), nestled in the small town of Corning, New York.

Corning is your classic, feel-good American success story. And doesn't the United States need a few of those today?

Moreover, Corning, arguably, represents one of the signature corporate transformation stories of the digital age.

From cookware to fiber optics to LCDs

Formerly a primarily glass and cookware company, (who doesn't remember that ubiquitous Corning cookware that was safe for microwave ovens?), Corning successfully transformed itself first into a fiber optic company in the 1990s.

Readers of this space know that my investment bias is toward large-cap companies with demonstrated business models and which have a competitive advantage in established markets, preferably with a favorable global trend as a support. In general, turnaround and business model change plays are avoided, but there are exceptions to the rule, and one is Corning.

Corning Inc. (NYSE: GLW), once a reliable but slow-growth kitchenware and cookware company, today represents one of the signature corporate transformation stories of the digital age.

Corning is one of the leading providers of fiber-optic cable, which the company invented more than 30 years ago. Further, its substrates business did not draw Wall Street's attention until technological advances enabled the price-competitive production of flat panel displays in flat panel televisions, desktop monitors and notebook computers.