Egg

Corning: Looking Very Cheap

"At a current price/earnings (P/E) ratio of 4.8 investors are anticipating continued demand trouble as the current estimates are for very strong growth of 32.6% year over year."

That is very misleading. Trailing P/E is actually ~12 based on the $1.41 Corning made in '07. You are factoring in a 2B+ one time income tax gain into that 4.8 P/E.