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The market is heading up in trading today as leaders from both political parties have decided to quit preening before the media for a day and actually talk to each other on the budget and the debt limit. This would certainly be a welcome development for the near-term direction of the market.

Obviously stocks would benefit nicely from any agreement that took these political issues off the table. I think the tech sector would outperform the overall market in a return of a "risk on" market as valuations stand at lower levels than most other sectors. The sector should also benefit from important launches (Ex, iPhone 5C/5S) in front of the approaching holiday season. One stock in the sector I still like and is selling at an attractive valuation is Corning (NYSE:GLW).

Corning produces specialty glasses, ceramics and related materials worldwide. The company operates in five segments: Display Technologies, Telecommunications, Environmental Technologies, Specialty Materials and Life Sciences.

Seven reasons to own Corning at $14 a share:

  1. The company offers a solid dividend for a tech stock. The shares yield 2.7% and Corning has doubled its payout over the last few years.
  2. One of the reasons the company has and should be able to continue to raise its payout is its solid balance sheet. Corning has over $2B in net cash on its balance sheet.
  3. Revenue growth should accelerate in 2014. After tracking to flat sales growth this year, analysts expect over 5% growth in FY2014. The stock sports a five-year projected PEG of under 1 (.92).
  4. Insiders believe in the company's prospects judging by the fact they have been net buyers of the stock so far in 2013.
  5. The company has beat consensus bottom line expectations each of the last four quarters. Gorilla Glass has quickly surpassed $1B in annual sales as well.
  6. GLW is priced at under 10x forward earnings, a slight discount to its five-year average (10.5).
  7. The stock appears to have short term technical support at these levels.
Source: 7 Reasons To Own Corning At $14 A Share