JP Morgan's U.S. Outlook

We've already hit the 2011 low,according to JP Morgan's chief U.S. equity strategist Thomas H. Lee.By year's end,he expects to see the S&P at 1425.He likes the materials,industrial and energy sectors.Avoid stocks sensitive to oil prices.There will be moderate to severe disruption to supply chains in tech because of the Japan disaster.
Near term,Q1 earnings are really gonna be a support for markets.Markets may be troubled from June to September,rangebound because of the expiration of the Federal Reserve's QE 2 support program.The housing market will improve,however,driving the S&P higher by the end of 2011.
Equity market rallies are really driven by corporate profit recoveries.Investors are buying the dips because they're under-exposed.In the financial sector,we've seen improvement in credit trends,but not demand,Mr.Lee added.
In addition to his JP Morgan post,Thomas H. Lee is Chairman and CEO of Thomas H. Lee Partners,L.P.A 1965 Harvard graduate,he is a trustee of Rockefeller and Brandeis Universities.Mr. Lee is also a director of the Lincoln Center for the Performing Arts.
JP Morgan Chase(JPM)

Examining Corning's Earnings

Glass titan Corning reported earnings per share of 0.51,versus an estimate of 0.52;on revenue of 1.6 billion dollars,versus an estimate of 1.614 billion.Chief Financial Officer Jim Flaws says all of their businesses other than display were up.The U.S. is the only worldwide T.V. demand that declined.Everywhere else is up 20-70%.
Corning's focus is driving down their manufacturing costs.They're not a high raw materials user.
Corning's display business volume was down because their customers were reducing inventory.Their Chinese growth isn't red hot,but demand there is quite strong.It's still excellent,Mr.Flaws noted.
Corning is a global leader in specialty glass and ceramics.They create and produce key components for consumer electronics,vehicle emissions control,telecom and life sciences.
Corning(GLW)