As earnings season continues, one company set to report its quarterly results next Monday could be in line for a tough quarter. Let's see whether Corning's (NYSE: GLW) heavy reliance on consumers' discretionary spending could leave the company and its investors shattered.

TV sales get static
Corning, which makes glass substrate for flat-screen TVs and other high-tech gadgets, will face incredibly tough comparisons this quarter. Electronics giant Best Buy (NYSE: BBY) missed expectations by a mile, citing weak television sales and heavy discounting as the culprits. Just days later, Sony (NYSE: SNE) announced that it anticipated another year of losses from its television segment, as sales of 3-D televisions and consumer spending remained feeble. No matter how you look at it, television sales are down, which could translate to lower sales of Corning's panels in coming quarters.

Foresight is 20/20?
Analysts must be sitting on their hands, because Corning flat-out told us it would have a rough quarter in its last quarterly filing. Rising glass prices have worked against the company, and Corning has been unable to get a proper read on consumers' actual demand for its products. From its telecommunications segment, it expects a double-digit sequential decline. Sure, it forecasts growth in its life-science and specialty-materials segments, but these are relatively small revenue producers compared to its display technology and telecommunications segments. If a company says it's going to disappoint, believe it.

Stop, drop and sell?
Is it time to run for cover? Corning has seen a fairly steady stream of insider selling over the course of the past year, and short interest in the stock is rising. Although these figures don't make Corning a sell, they definitely raise even more red flags. Only time will tell whether Corning will miss estimates. For now, enough warning signs exist for me to throw up the buyer beware sign.

Fool contributor Sean Williams does not own shares in any companies mentioned in this article. He has done his part by buying more TV's than he has rooms in his house. You can follow him on CAPS under the screen name TMFUltraLong. Best Buy is a Motley Fool Inside Value pick and a Motley Fool Stock Advisor selection. Motley Fool Options has recommended buying calls on Best Buy. The Fool owns shares of Best Buy. 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.