Corning (NYSE:GLW) shares have been destroyed lately as sales of LCD displays have waned, but the company recently raised its fourth quarter outlook for LCD displays and specialty glass, a welcome change of pace for shareholders.

Even after the positive news was digested, Corning still trades for less than 10 times earnings and is sitting on $5.8 billion in cash. Given its history of innovation, Fool.com analyst Austin Smith believes the company will be able to effectively deploy this capital and unlock more valuable applications for its innovative products (like Gorilla Glass).

Austin Smith owns shares of Apple and Corning. The Motley Fool owns shares of Apple, Corning, and Universal Display. Motley Fool newsletter services recommend Apple, Corning, and Universal Display . Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.