Corning launches new $2B buyback; shares rise

• Corning's (NYSE:GLW) new buyback program lasts through the end of 2016. It's good for repurchasing 8% of shares at current levels.
• The announcement comes ahead of Corning's July 28 Q2 report. The glass giant had $5.07B in cash/short-term investments to pay for buybacks with at the end of Q1, and $3.3B in debt.
• Corning spent $500M on buybacks in Q1, courtesy of a $1.5B buyback program that was launched last December.
• GLW +1.6% AH to $19.37.