The S&P 500's Top Tech Stock Was Up Big Today

Corning (NYSE: GLW  ) , the leading technology stock in the S&P 500, climbed 3.7% earlier today thanks to a Goldman Sachs (NYSE: GS  ) upgrade from "neutral" to "buy." Trading at 9 times earnings with $3 billion in net cash and a great market share in the display space, this is a company on the watchlist of many investors, particularly value investors. However, despite Corning's very nice valuation, investors should be aware of just how cyclical this business can be going forward.

When it comes to the display space, Corning has a strong advantage. High-performance televisions have been very profitable for the company and are the product that catapaultedit to new heights in the 2007 home-entertainment era. As the consumer-spending space continues to evolve, though, the shift toward tablets and smartphones increasingly detracts from the home-entertainment side of the equation.

See more in the following video.

With the explosive growth of smartphones worldwide, many investors were expecting massive investment returns from Corning's market-dominating Gorilla Glass -- the covering of choice for smartphones, most recently Apple's (NASDAQ: AAPL  ) iPhone 5. That hasn't played out yet, as mobile growth has failed to offset declines in the company's core business. In this brand-new premium research report on Corning, our analyst walks you through the business and outlines key opportunities and risks facing it today. Click here to claim your copy, and receive a full year of updates as events unfold.

Eric Bleeker has no positions in the stocks mentioned above. The Motley Fool owns shares of Apple and Corning. Motley Fool newsletter services recommend Apple, Corning, and Goldman Sachs. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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