Corning (NYSE:GLW) is a stock for longs and shorts to watch in the pre-market on Wednesday, July 25, as the company gets set to post its Q2 results. Analysts are expecting GLW to report a profit of $0.31 per share on revenue of $2.01 billion, according to Capital IQ.
GLW favors widening between the sessions following earnings events, adding to its extended-hours performance in the following regular session in 19 out of its last 33 quarterly reports.
Looking deeper into the performance data, GLW has seen an extended-hours gain in 17 of the 33 quarters we've tracked, and in 10 of those quarters, 59% of the time, the stock has added to its upside in follow-on regular session trade. On the downside, the stock has declined in 16 of the 33 quarters we've tracked. It has nine times added to its downside in follow-on regular session trade, or 56% of the time, and seven times reversed or narrowed its declines.
The performance history is below:
- On April 25, 2012, GLW advanced 5.6% in pre-bell trade after topping Q1 expectations. The stock jumped higher between the bells, ending up 7.1%.
- On Jan. 25, 2012, GLW declined 7.6% in pre-market action after beating on Q4 sales and meeting on earnings. The stock slumped lower in that day's regular session, ending down 10.7%.
- In the Oct. 26, 2011, pre-market session, the stock jumped 5.5% after a strong earnings beat. Shares rose 3% during regular trading.
- On July 27, 2011, GLW dropped 4.8% in pre-bell trade after beating Q2 estimates but also guiding for its glass market to be lower than previous expectations. The stock dropped further in that day's regular session, ending down 8.7%.
- On April 27, 2011, GLW jumped 6.1% in pre-market action after reporting a year-over-year decline in Q1 earnings on higher sales. The stock lost the bulk of those morning gains in that day's regular session, closing up 2.3%.
- On Jan. 25, 2011, GLW gained 5.4% in pre-bell trade after posting mixed Q4 results. The stock headed higher in that day's regular session, ending up 8%.
- On Nov. 1, 2010, GLW gained 2.3% in pre-bell trade after reporting a year-over-year increase in revenue but also coming in shy on EPS. The stock cut its upside in that day's regular session, ending with a 1.2% gain.
- On July 28, 2010, GLW declined 1.4% in pre-market action despite beating earnings expectations. It added slightly to its downside in that day's regular session, ending down 1.9%.
- On April 28, 2010, GLW gained 2.1% in pre-bell trade after beating Q1 expectations. It saw that gain evaporate in the following regular session, ending down 0.2%.
- On Jan. 26, 2010, GLW slipped 0.6% in pre-market trade despite topping Q4 expectations. The stock cut its downside slightly in the following regular session, ending down 0.4%.
- On Oct. 26, 2009, GLW edged up 0.4% in pre-bell trade after beating Q3 expectations. That slim gain evaporated in the following regular session, and GLW ended the day down 0.8%.
- On July 27, 2009, GLW declined 3.4% in pre-market trade despite beating Q2 Street expectations. The stock saw its decline narrow in the follow-on regular session, ending July 27 down 2.9%.
- On April 27, 2009, GLW advanced 2.8% in pre-market trade after beating Q1 expectations. The stock firmed higher in that day's regular session, ending up 3.3%
- On Jan. 27, 2009, GLW declined 6% in pre-bell action after missing earnings expectations. It reversed course in the following regular session, ending bell-to-bell play up 0.4%.
- On Oct. 29, 2008, GLW tumbled 12.5% in pre-market trade after beating Q3 estimates but issuing Q4 guidance below the Street view. The stock cut its downside in the following regular session, ending down 8.1%.
- On July 30, 2008, GLW declined 2% in pre-market action after reporting mixed results and issuing disappointing guidance. The stock was hit for 4% decline in the July 30 regular session.
- In pre-market trading on April 29, 2008, the stock gained 3.1% after GLW reported a Q1 beat and guides above the Street for Q2. The stock closed up 3.3% at the final bell later that day.
- On Jan. 28, 2008, GLW advanced 3.8% in pre-market trade after beating Q4 expectations and setting its Q1 outlook above the Street view. Its upside narrowed slightly in the Jan. 28 regular session, ending the day up 3.2%.
- On Oct. 24, 2007, GLW lost 5% in pre-market trade after issuing weaker-than-expected guidance but beating Q3 earnings estimates. The stock slipped further into the red in that day's regular session, losing 6.2% by the closing bell.
- On July 25, 2007, GLW declined 4.9% in pre-market trade after the company posted Q2 sales shy of expectations and issued guidance that straddled the Street view. It added to its downside in the July 25 regular session, declining 5.6% by the closing bell.
- On April 25, 2007, GLW gained 5.4% in pre-bell action after beating Q1 estimates and guiding in-line to higher. It saw its upside narrow just slightly in the regular session, ending the day up 5.2%.
- On Jan. 24, 2007, GLW jumped 7.5% in pre-market trade after the company beat on Q4 but also offered guidance below expectations. The gains continued to pile up in the regular session as GLW closed the day up 10.9%.
- On Oct. 24, 2006, GLW declined 3.5% in after-hours trade after the company reported better-than-expected earnings results but offered revenue below Street estimates. Sellers piled on for deeper declines in the Oct. 25 regular session as GLW ended the bell-to-bell session down 8.8%.
- On July 25, 2006, GLW dropped 8% in night trade after missing Q2 sales estimates and warning of a lower-than-expected Q3. Shares fell further the next day, closing the regular session down 14.4%.
- On April 25, 2006, shares were down 1.2% in the after-hours session following release of Q1 results that showed the company ahead of the Street view for Q1 but guiding in a range that could disappoint. Shares did rebound to post a 2.9% gain the next day.
- On January 24, 2006, GLW shed 8.2% in evening trade despite matching Q4 estimates and guiding for Q1 to be in line with forecasts. The shares, though, recovered and ended the next day session up 4.7%.
- Back on Oct. 26, 2005 GLW beat Q3 expectations and guided mostly in-line for its Q4. The stock advanced a modest 0.7% in that night's after-hours session. Evening buyers were rewarded with far more frothy gains in the Oct. 27 regular session as GLW surged 6% by the end of the bell-to-bell session.
- GLW inched up 1.1% on the night of July 26, 2005, after topping Q3 earnings estimates and guiding Q3 earnings in line with the Street. It climbed 5.3% in the July 27 regular session.
- GLW advanced 2% the night of April 26, 2005 after the company beat expectations and guided ahead of Street estimates. It surged 8% by the closing bell on April 27.
- GLW lost 3.1% in the Jan. 25, 2005 after-hours session after the company posted better-than-expected sales, in-line EPS, and Q1 guidance in-line to lower than the Street view. The stock slid 4.8% by the closing bell on Jan. 26.
- On the night of Oct. 20, 2004. GLW reported sales ahead of expectations and guided for in-line to lower results. It edged down 1.1% in that night's after-hours session, only to see its declines reverse the next day, ending bell-to-bell play up 2.7%.
- Back on July 19, 2004 GLW added 6.8% in the after-hours after beating expectations and guiding in-line to better than estimates. The stock cruised higher in the next day's regular session, closing with a gain of 12.6%.
- On April 22, 2004 GLW leaped 8.9% in the after-hours after beating estimates and guiding higher. It closed the next day's bell-to-bell session with a whopping 18.3% rise.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.