Corning Inc.NYSE
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  • Mon, Aug. 29, 9:08 AM
    • Corning (NYSE:GLW) had declared $0.135/share quarterly dividend, in line with previous.
    • Payable Sept. 30; for shareholders of record Aug. 31; ex-div Aug. 29.
    | Mon, Aug. 29, 9:08 AM
  • Thu, Aug. 25, 12:45 PM
    • HP reported Q3 results yesterday and on its earnings call, CEO Dion Weisler noted "some shortages, particularly around LCDs, DRAM and Flash memory."
    • Susquehanna analyst Mehdi Hosseini notes potential resulting favorability for Micron Technology (MU +6%), Western Digital (WDC +3%) and Corning (GLW +0.4%). The firm upgraded Micron to a Positive rating and $18 price target ($16.45 current price) in late June.
    | Thu, Aug. 25, 12:45 PM | 12 Comments
  • Wed, Jul. 27, 7:19 AM
    • Corning (NYSE:GLW): Q2 EPS of $0.37 beats by $0.05.
    • Revenue of $2.44B (-3.2% Y/Y) beats by $60M.
    • Shares +3% PM.
    • Press Release
    | Wed, Jul. 27, 7:19 AM | 35 Comments
  • Tue, Jul. 26, 5:30 PM
    | Tue, Jul. 26, 5:30 PM | 9 Comments
  • Thu, Jul. 21, 3:00 AM
    • The new glass was formulated to improve drop performance from gadgets that fall onto rough surfaces from certain heights - specifically, waist height to shoulder height.
    • Corning (NYSE:GLW) says Gorilla Glass 5 survives up to 80% of the time when dropped from 1.6 meters.
    | Thu, Jul. 21, 3:00 AM | 9 Comments
  • Mon, Jun. 20, 7:13 AM
    • Corning (NYSE:GLW) +1% premarket after the stock was initiated with a Buy rating and a $23 price target at Citi.
    • "We believe sentiment in Display has turned too bearish into a typically seasonally stronger [second half], and note that screen size matters more than LCD TV unit volume," the firm said in a note to clients.
    | Mon, Jun. 20, 7:13 AM | 7 Comments
  • Fri, Jun. 10, 11:10 AM
    • "Trading at over 16x our CY:16 EPS estimate and up 15% year-to-date, we are we believe the 'dead cat' bounce in the LCD supply chain is a transient event that will reverse itself in 4Q:16 and into 2017," writes Drexel Hamilton, downgrading Corning (GLW -2%) to Sell. The firm's price target is $14.50.
    • Drexel argues financial engineering related to Corning's purchase of Samsung's stake in the Samsung Corning JV, along with the Dow Corning divestiture and higher capital returns, have blinded investors to the continued secular decline in the LCD glass market.
    • Corning went into trading today just $0.30 below a 52-week high of $21.30. Shares sold off in late April following a Q1 revenue miss and a guidance cut for the company's Specialty Materials (Gorilla Glass) division, but soon recovered.
    | Fri, Jun. 10, 11:10 AM | 21 Comments
  • Wed, Jun. 1, 10:32 AM
    • Dow Chemical (DOW -0.2%) says it has completed the restructuring of Dow Corning and now owns all of the business; Dow Corning previously had been equally owned by Dow Chemical and silicone company Corning (GLW -0.5%).
    • GLW swapped its 50% stake in Dow Corning for $4.8B and a 40% stake in Hemlock Semiconductor, which makes semiconductors for the solar-panel industry; Dow now fully owns Dow Corning and will keep a stake in Hemlock.
    • Dow Corning had revenue of more than $4.5B in 2015.
    | Wed, Jun. 1, 10:32 AM | 1 Comment
  • Mon, May 16, 12:59 PM
    • Dow Corning (DOW, GLW) President and CEO Robert Hansen plans to retire upon the completion of Dow's ownership restructure transaction with Corning, which is expected to close in Q2.
    • Dow names Howard Ungerleider, its vice chairman and CFO, as Chairman of Dow Corning and Mauro Gregorio, currently vice president leading the Dow Corning integration, as Dow Corning CEO.
    • Hansen, who has spent 34 years with Dow Corning, plans to stay with the company for several months to ensure a smooth transition.
    | Mon, May 16, 12:59 PM | 1 Comment
  • Tue, Apr. 26, 9:49 AM
    • Corning (NYSE:GLW) is lower out of the market open, -4.9%, after revenues fell just short of expectations though glass price declines fell to a five-year low for Q1.
    • The company swung to a loss on a GAAP basis, but met expectations for non-GAAP earnings after backing out non-recurring and restructuring costs.
    • Revenues fell nearly 11% overall. By segment: Display Technologies, $829M (down 17.2%); Optical Communications, $609M (down 12.6%); Environmental Technologies, $264M (down 6.4%); Specialty Materials, $227M (down 16.5%); Life Sciences, $204M (up 3.6%).
    • Outlook: The company expects the rest of the year will be a significant improvement from Q1, and "second-quarter results will reflect the strong underlying trends in our businesses." Core equity earnings are seen at $50M-$70M in Q2 depending on closing date of the strategic realignment of Dow Corning.
    • In Display Technologies, the overall glass market and Corning volume should grow in high single digits sequentially, with a smaller glass price decline. Q2 sales should be up more than 20% sequentially in Optical Communications (and up mroe than 10% Y/Y in H2), flat Y/Y in Environmental Technologies, up low single digits in Specialty Materials and Life Sciences.
    | Tue, Apr. 26, 9:49 AM | 8 Comments
  • Tue, Apr. 26, 6:58 AM
    • Corning (NYSE:GLW): Q1 EPS of $0.28 in-line.
    • Revenue of $2.17B (-10.7% Y/Y) misses by $60M.
    | Tue, Apr. 26, 6:58 AM | 13 Comments
  • Mon, Apr. 25, 5:30 PM
    | Mon, Apr. 25, 5:30 PM | 15 Comments
  • Wed, Apr. 20, 11:59 AM
    • Looking for a way to better differentiate against rival cover glass solutions (and perhaps boost sale prices along the way), Corning (GLW +0.2%) has launched Vibrant Gorilla Glass, a solution that lets device makers imprint "multi-color, high resolution, photo-quality images" on Gorilla Glass.
    • Corning exec Scott Forester declares Vibrant Gorilla Glass gives device makers "a new opportunity for customized decoration and commercial branding." One possible use: Giving mobile OEMs the ability to imprint their brand logos on Gorilla Glass when it's used on the back panel of a device.
    • Samsung uses Gorilla Glass on the back of the Galaxy S6 and S7, in addition to having it protect the screen on the front. Apple (NASDAQ:AAPL), which also relies on Gorilla Glass for screen-protection, is rumored to be using an all-glass enclosure for its 2017 iPhones.
    | Wed, Apr. 20, 11:59 AM | 12 Comments
  • Tue, Apr. 12, 11:23 AM
    • Believing the LCD TV supply chain in nearing a cyclical bottom, Goldman's Doug Clark has upgraded Corning (GLW +2%) to Buy, and hiked his target by $7 to $26.
    • Below-average supply chain inventory and stabilizing LCD panel prices are seen as early signs of a bottom. Clark also expects Corning to benefit from "a combination of earnings diversification, stable glass price declines, recent FX moves, M&A, and stable shareholder returns as supportive of higher valuation and multiple expansion.”
    • UBS' Steve Milunovich (Neutral rating, $18 target) is out with a more cautious note. He observes Taiwanese panel makers reported an 18% Q/Q sales drop in (seasonally weak) Q1 for large-panel shipments, and thinks there could be some risk to UBS' forecast for Corning to see 7% Q2 glass volume growth (following a 7% Q1 decline) if end-market demand remains weak.
    • Last week: Corning buying optical component maker Alliance Fiber for $305M
    • Now read Corning Set To Take Advantage Of The Growth Of Data
    | Tue, Apr. 12, 11:23 AM | 7 Comments
  • Fri, Apr. 8, 3:13 AM
    • Yesterday afternoon, Corning (NYSE:GLWannounced it would acquire Alliance Fiber Optic Products (NASDAQ:AFOP), a provider of high-speed passive optical components, for $18.50/share (a 20% premium).
    • Deutsche Bank is positive on the deal, citing the following benefits:
    • Increased product breadth and market-reach in the web 2.0 and cloud scale datacenter market.
    • Increased presence in developing and emerging Asia.
    • Cost synergies.
    • 3% incremental revenue growth.
    • Firm raises price target to $23 from $21. Implied upside 11%. Maintains Buy rating.
    • Street high for GLW is $30 (Argus). Street low is $15.75 (Drexel).
    • Now read Why Corning Is On Its Way To $25/Share »
    | Fri, Apr. 8, 3:13 AM | 3 Comments
  • Thu, Apr. 7, 7:40 PM
    • Corning (NYSE:GLW) is acquiring Alliance Fiber Optic Products (NASDAQ:AFOP), a provider of high-speed passive optical components used in telecom and data center applications, for $305M ($18.50/share) in cash. The price represents a 20% premium to AFOP's Thursday close, but is 17% below its 52-week high of $22.35.
    • Naturally, Corning will add AFOP to its Optical Communications unit, a major supplier of optical fiber and related products (cabinets, cable, housings, etc.) for service providers and OEMs. Corning declares AFOP will "expand its market access to cloud data-center operators and OEMs, broaden its presence in Asia, and provide product and cost synergies."
    • The deal is expected to close in Q2, and be accretive to EPS in its first year.
    • AFOP +7.3% after hours to $16.59. The Corning deal follows earnings disappointments blamed in part on an inventory correction at AFOP's biggest Web 2.0 customer.
    • Update: Alliance Fiber finished after hours trading up 23.9% to $19.15. There's apparently some speculation the company will get a higher bid.
    | Thu, Apr. 7, 7:40 PM | 14 Comments