JP Morgan: Best Buy Beat Is 'Positive' For Corning

Best Buy Co Inc BBY shares continued to inch up Wednesday after the company reported better-than-expected Q4 earnings.
The management also announced that it would increase its regular quarterly dividend by 21 percent, to $0.23 per share, and pay a special dividend of $0.51 per share.

JP Morgan said this could have a slight positive impact on Corning Incorporated GLW.

"Best Buy said the better-than-expected results were driven by product cycles in large screen televisions and mobile phones, offsetting the weakness in tablets. Looking forward, the company said it expects FQ1 and FQ2 comp sales growth to be flat to negative low single digits driven mainly by material declines in the tablet category."

Corning is one of the globe's leading innovators in materials science. Its products include:

• Damage-resistant cover glass for smartphones and tablets
• Precision glass for advanced displays
• Optical fiber, wireless technologies, and connectivity solutions for high-speed communications networks
• Trusted products that accelerate drug discovery and manufacturing
• Emissions-control products for cars, trucks, and off-road vehicles"