Jeffrey Dow Jones • 70 Comments
Aug. 20, 2013, 11:09 AM
- Citi notes prices for large-sized TV panels are down another ~$2, or ~1%, in August, and that DisplaySearch expects "continued price pressures during the seasonal build period as demand remains uncertain."
- The firm also observes soft PC demand is affecting TV panel prices (by hurting the supply/demand balance), and that tablet panel prices are down 1%-5% due to rising supply.
- With over 70% of Corning's (GLW -1.1%) net income stemming from display glass sales, Citi is reiterating a Neutral on the company, even though it considers its dividend, cash generation, R&D, and manufacturing abilities "impressive."
- Soft TV panel prices also stand to impact AU Optronics (AUO +0.7%) and LG Display (LPL -0.6%).
- Corning's Display Technologies unit posted 21% Y/Y rev. growth in Q2. Q3 LCD glass volumes were forecast to be up slightly Q/Q, and price declines on par with Q2.
- LCD driver IC vendor Himax recently forecast its Q3 large-panel driver sales will be "sluggish" thanks to soft TV/laptop demand and the end of China's TV subsidy program.
Jul. 30, 2013, 9:33 AM
- Corning's (GLW -1%) Q3 LCD glass volumes are expected to be up slightly Q/Q, and price declines steady with Q2.
- Specialty Materials (inc. Gorilla Glass) sales are expected to grow 10% Q/Q.
- Telecom sales seen growing 20% Y/Y, environmental technologies "up slightly," Life Sciences (boosted by acquisition) +40%-45%
- Q2 Display Technologies sales (inc. LCD TV glass) +21% Y/Y, up from +7% in Q1. LCD glass price declines smaller than Q1's, as expected. Segment earnings +11%.
- Telecom sales +8% (-7% in Q1), Earnings +62% (aided by cost reductions).
- Specialty Materials (inc. Gorilla Glass) +2% Y/Y (-10% in Q1). Earnings +33%.
- Environmental Technologies -8% Y/Y (-13% in Q1), Life Sciences +35%.
- Dow Corning (silicone unit) earnings -19% Y/Y, expected to fall 50% Q/Q in Q3.
- Q2 gross margin was 43%, flat Q/Q and +100 bps Y/Y
- $242M spent on buybacks.
- SG&A spend -7% Y/Y, R&D -3% thanks to cost cuts.
- Q2 results, PR
Jul. 30, 2013, 7:38 AM
- Corning (GLW): Q2 EPS of $0.32 beats by $0.01.
- Revenue of $2.02B (+11% Y/Y) beats by $0.05B. (PR)
Jul. 30, 2013, 12:05 AM
- ACI, ADS, AET, ARQL, AUDC, BLC, BP, BYD, CIE, CMI, COH, CVLT, DB, DDD, DIN, DISCA, DSX, ECL, ESV, ETR, EZPW, FIS, GLW, GNRC, GT, GTI, GTLS, HCP, HEP, HRS, HW, IPGP, JBLU, KLIC, MCGC, MDC, MLM, MRK, MSO, MWV, NEE, NLSN, NOV, NTLS, NYX, ODP, OSK, OXY, PBI, PEG, PES, PFE, ROK, S, SAN, SNH, TRI, TRW, UBS, UDR, VSH, WLK, WM, WU, XYL
Jul. 29, 2013, 7:08 PM
- The new Nexus 7 is quickly creating believers. Reviewers at The Verge, Engadget, and Mashable all like the Google (GOOG) tablet's 1920x1200 display, quad-core CPU, and thin/light form factor. Some complaints are registered about the 7's large bezels and (relative to the iPad) tablet app ecosystem.
- Chromecast reviews are just as good. The Verge's Nilay Patel (9.0 out of 10) is more impressed with the $35 HDMI stick's tab casting feature, which allows the contents of any browser tab to be streamed, than its Netflix/YouTube support. "Think of it as a wireless display cable for your laptop and you’ll get the potential immediately." Comparing Chromecast to Apple TV, TechCrunch's Greg Kumparak praises the device's cross-platform support.
- Former Android and Me writer Taylor Wimberly reports the Moto X will use a special kind of Gorilla Glass (GLW), known as Magic Glass, that wraps around a phone's sides.
Jul. 29, 2013, 5:30 PM
- ACI, ADS, AET, ARQL, AUDC, BLC, BP, BYD, CIE, CMI, COH, CVLT, DB, DDD,DIN, DISCA, DSX, ECL, ESV, ETR, EZPW, FIS, GLW, GNRC, GT, GTI, GTLS, HCP, HEP, HRS, HW, IPGP, JBLU, KLIC, MCGC, MDC, MLM, MRK, MSO, MWV, NEE, NLSN,NOV, NTLS, NYX, ODP, OSK, OXY, PBI, PEG, PES, PFE, ROK, S, SAN,SNH, TRI, TRW, UBS, UDR, VSH, WLK, WM, WU, X, XYL
Jul. 29, 2013, 5:21 PM
- Corning (GLW) is launching Gorilla Glass NBT, a version of its scratch/damage-resistant cover glass meant specifically for touch notebooks.
- The company sees a high rate of consumer complaints about notebook scratches, the high cost of notebook displays, and the additional "physical interaction" that comes with touchscreen boosting NBT's appeal.
- Dell is an early customer, promising NBT will be used in hardware arriving this fall. Corning expects the glass will be featured in "several notebook product models by leading global brands later this year."
- Some notebook OEMs have already embraced other types of Gorilla Glass.
- Previous: Corning promotes Gorilla Glass to automakers.
Jul. 17, 2013, 12:34 PM
The iPhone 5S (AAPL +0.1%) will feature an "indestructible Liquidmetal case," thinks BGR's Jonathan S. Geller after analyzing previously-leaked SIM tray pictures and finding similarities with Vertu luxury phones that used the material. Liquidmetal (LQMT.OB +68.5%) shares have soared on the pink sheets thanks to the report. Geller also thinks (but doesn't elaborate as to why) the 5S might use sapphire cover glass; if true, that's a positive for GT Advanced (GTAT +0.4%), and an incremental negative for Gorilla Glass maker Corning (GLW -0.8%). Separately (take this one with a big spoonful of salt), Taiwan's Commercial Times reports the 5S may be delayed until year's end in order to support a 4.3" display.| Jul. 17, 2013, 12:34 PM | 20 Comments
Jul. 9, 2013, 6:40 PM
Chinese LCD panel shipments are expected to fall 5% Y/Y in Q3 to 13M-13.3M, "market observers" tell Digitimes. The government's recent decision to end TV subsidies is seen taking a toll in a market that has been a bright spot for an industry that hasn't had many lately. Yesterday, Digitimes reported 42/50/55-inch TV panel prices are expected to fall 2% in 1H July thanks to Chinese weakness. Corning (GLW), AU Optronics (AUO), and LG Display (LPL) are among the companies that could be affected. Some of these concerns have arguably been priced in since May.| Jul. 9, 2013, 6:40 PM
Jun. 19, 2013, 5:30 PM
Jun. 12, 2013, 2:55 PM
Will automakers embrace Gorilla Glass? Corning (GLW) exec Jeffrey Evenson argues they should, claiming Gorilla Glass use could improve a car's fuel economy by lowering its weight and center of mass, and would also make vehicles quieter inside. He adds at least one high-end automaker is expected to begin making a car sporting Gorilla Glass within the next year. Also: Evenson expects Corning's antimicrobial glass (has healthcare and display applications) to be certified by the EPA within a few months, and sees Corning's Willow Glass enabling "hundreds of new products," from flexible displays to chip insulation layers.| Jun. 12, 2013, 2:55 PM | 4 Comments
Jun. 6, 2013, 2:47 PMGlass demand is expected to grow in the low- to mid-single-digit range in 2013, says Corning (GLW -0.1%) at Computex. The company stated during its Q1 call its sees retail display glass demand (measured in sq. feet) growing in the mid- to high-single digits this year, with LCD TV and mobile growth partly offset by PC weakness. Talking up Gorilla Glass, Corning states ~1.5B devices now use the cover glass, and that about 1/3 of customers plan to use Gorilla Glass 3; Samsung and HTC are using it in smartphones. (Asus Zenbook Infinity) | Jun. 6, 2013, 2:47 PM
Jun. 3, 2013, 7:09 PM
Asus is unveiling the ZenBook Infinity, the first notebook sporting a Gorilla Glass 3 lid, as the Computex trade show gets underway. Asus claims its use of Gorilla Glass 3, which Corning (GLW) asserts is 3x more scratch-resistant than its predecessor, allows the Infinity to have a maximum thickness of just 15.5mm, 14% less than that of prior Zenbooks.| Jun. 3, 2013, 7:09 PM | 7 Comments
May 31, 2013, 10:36 AM
The Chinese government will reportedly end a TV subsidy program in June, a move likely to hurt sales in a market whose strong demand has been offsetting U.S./European weakness. The program, launched in June '12, provided subsidies of $16-$65 for local TV purchases. Manufacturers and suppliers that could be affected: SNE, SSNLF.PK, GLW, AUO, LPL, STM.| May 31, 2013, 10:36 AM | 2 Comments
May 17, 2013, 1:14 PM
Corning (GLW) unveils its Lotus XT substrate glass, which is aimed at high-performance LCD and OLED displays. The successor to Lotus Glass (launched in 2011), Corning asserts Lotus XT offers unmatched pitch variation, which in turn leads to better display yields. The company also declares XT (like the original Lotus Glass) to be well-suited to enabling low-power displays with high resolutions and fast response times. Though not as durable/scratch-resistant as Corning's Gorilla Glass products, which are cover glasses, XT can be paired with them.| May 17, 2013, 1:14 PM
May 13, 2013, 12:07 PM
In spite of receiving two upgrades - Barclays has lifted shares to Overweight, and Morgan Stanley to Equalweight - Corning (GLW +1.2%) is up just moderately. MS cites stabilizing LCD glass prices as a reason for its sentiment change. Jim Cramer is also talking up Corning. "[Corning] did a better-than-expected quarter no one seemed to pick up on. The Gorilla Glass market is finally working for them." One could argue the market has been working for a while.| May 13, 2013, 12:07 PM | 3 Comments