Corning Inc.

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  • Dec. 13, 2012, 1:42 PM
    AU Optronics (AUO +7.9%) is posting huge gains, apparently thanks to favorable comments from rival LCD supplier Chimei Innolux. Chimei says it expects 2013 sales to rise 10%, welcome news for an industry hit hard in 2012 by slumping TV demand. AU's gains come in spite of a Digitimes report claiming the company's capacity will drop 7% this month due to a "high voltage circuit drop" at a Taiwanese facility. LCD glassmaker Corning (GLW +0.7%) is outperforming, but LG Display (LPL -1.6%) isn't.
    | Dec. 13, 2012, 1:42 PM | 3 Comments
  • Nov. 27, 2012, 9:10 AM
    Premarket gainers: ACAD +190%. RAH +27%. CDTI +25%. GLW +8%. VICL +7%. CROX +7%. CAG +5%. GNRC +5%.
    Losers: NBG -13%. MMR -11%. FRO -6%.
    | Nov. 27, 2012, 9:10 AM | 1 Comment
  • Nov. 27, 2012, 8:23 AM

    Corning (GLW) +8% after raising its guidance ahead of a conference presentation. Thanks to better-than-expected demand for LCD TVs and other electronics, Corning now expects its Q4 LCD glass volume to be "up in the mid-single digits" Q/Q, after previously guiding for volume to be flat to down slightly. Corning's Q4 pricing guidance is reaffirmed, but it thinks price declines will moderate in Q1. Also, Q4 Specialty Materials sales are now expected to rise 5% Q/Q (prior guidance was for flat growth) thanks to strong Gorilla Glass sales.

    | Nov. 27, 2012, 8:23 AM | 3 Comments
  • Oct. 24, 2012, 10:55 AM

    Corning (GLW -8.4%) plummets after guiding in its Q3 report for Q4 glass volumes to be flat to down by "a low-single digit percentage" Q/Q, with accelerating price declines taking place along the way. During its earnings call, Corning also noted its gross margin will decline in Q4, and that its telecom glass business (hurt by a weak capex environment) won't meet its 2012 growth target. The company says it has "no plans" to boost LCD glass capacity.

    | Oct. 24, 2012, 10:55 AM | 20 Comments
  • Oct. 24, 2012, 7:38 AM

    More on Corning (GLW) Q3 earnings: "The weakening economy is affecting sales in many of our businesses ... We believe these economic headwinds will persist to next year ... We are likely to implement selected cost reductions." Price declines in the display business in Q4 are expected to outpace those in the previous 2 Qs. Shares -1.5% premarket. Earnings call is at 8:30 ET. (PR)

    | Oct. 24, 2012, 7:38 AM | 3 Comments
  • Sep. 19, 2012, 9:32 AM

    Corning (GLW +2.9%) opens higher on an upgrade to Buy from Goldman. The firm sees Corning, which trades below book value, delivering positive EPS growth (on a Y/Y basis) for the first time in two years in Q4 thanks to stabilizing LCD glass fundamentals (the result of supply controls). It also expects the LCD business' share of net income to fall to 74% in 2013 from 96% in '09, and Corning''s FCF yield to grow to 6%. The demand environment for LCD TVs has been anything but pretty. (previous)

    | Sep. 19, 2012, 9:32 AM | 2 Comments
  • Sep. 10, 2012, 2:38 PM
    Positive comments from Piper Jaffray are helping GT Advanced Technologies (GTAT +8.5%) shoot higher today. Piper thinks sapphire panels manufactured using GT's equipment could carry a price premium relative to Corning's (GLW) Gorilla Glass in mobile device applications. GT has been struggling to cope with weak demand from its core LED and solar equipment markets.
    | Sep. 10, 2012, 2:38 PM | 4 Comments
  • Aug. 31, 2012, 8:16 AM

    Corning (GLW) is upgraded to Outperform with a $16 price target by Oppenheimer's Andrew Uerkwitz, who says a day spent at company HQ has "(given) us confidence in our new found view." Catalysts: Moderating display glass prices as volumes rebound, favorable dynamics in other segments, and a potential dividend increase. Shares +3.3% premarket.

    | Aug. 31, 2012, 8:16 AM | 1 Comment
  • Jul. 25, 2012, 6:21 PM
    Corning (GLW -7.7%) opened down just slightly after reporting this morning, but ended up plunging to 3-year lows. Q2's 16% Y/Y drop in display glass sales more than offset modest increases elsewhere, and stoked fears that there's no bottom in sight for the market, given weak LCD TV demand. During its earnings call, Corning noted macro issues are affecting multiple businesses, and that it's seeing "mixed performance" in China, where it's about to build a new plant. AUO -7.6%. LPL -4.1%.
    | Jul. 25, 2012, 6:21 PM | 1 Comment
  • May 8, 2012, 11:39 AM

    LCD panel vendor AU Optronics (AUO -4.5%) underperforms after reporting April sales fell 3.4% M/M and 8.5% Y/Y. Shipments of 10"+ panels fell 3.9% M/M, while shipments of sub-10" panels fell 17.4% - the latter is likely more evidence of weak orders from mobile device vendors other than Apple and Samsung. The report is arguably a modest negative for fellow panel vendor LG Display (LPL), and for LCD glassmaker Corning (GLW).

    | May 8, 2012, 11:39 AM
  • Apr. 25, 2012, 11:08 AM

    Corning (GLW +5.8%) rallies after beating Q1 estimates and offering a relatively upbeat outlook for its pressured LCD glass business. Corning predicts glass price declines "will be much more moderate" in Q2 than in prior quarters, with volumes flat for Corning's internal glass ops and up slightly for Samsung Corning, which recently lost a major deal. In addition, the Specialty Materials business is expected to grow 10%-15% thanks to strong Gorilla Glass sales.

    | Apr. 25, 2012, 11:08 AM | 2 Comments
  • Apr. 25, 2012, 9:06 AM

    Premarket gainers: GEOI +21%. KND +17%. CDXS +9%. AAPL +9%. S +8%. TQNT +8%. JNY +6%. DAN +6%. RFMD +6%. GLW +5%. MOS +5%. ARMH +5%. MT +5%. BRCM +5%. NBR +4%. CLWR +4%. ALU +4%. FTNT +4%. STM +4%. POT +4%. HOG +4%. BBVA +4%. TS +3%. NOK +3%. STD +3%. TEF +3%. VMED +3%. IGT +3%.
    Losers: ICON -14%. BIDU -6%. GSK -3%.

    | Apr. 25, 2012, 9:06 AM
  • Apr. 25, 2012, 7:32 AM
    Corning (GLW): Q1 EPS of $0.30 beats by $0.02. Revenue of $1.92B (+flat% Y/Y) beats by $50M. Shares +1.5% premarket. (PR)
    | Apr. 25, 2012, 7:32 AM
  • Mar. 8, 2012, 1:40 PM

    AU Optronics (AUO +2.1%) follows the tech sector higher after reporting February sales of $948M - up 29% M/M and 3% Y/Y, and further evidence of improving conditions for the LCD panel market. Strong shipment growth was seen for both large and small panels. Also rallying are rival LG Display (LPL +2.6%) and LCD glass supplier Corning (GLW +2.1% - previously).

    | Mar. 8, 2012, 1:40 PM
  • Mar. 7, 2012, 4:48 PM
    Corning (GLW) edges higher AH after it's disclosed director Gordon Gund bought 150K shares on March 6 at $12.75. Gund last bought Corning shares in Nov. 2008.
    | Mar. 7, 2012, 4:48 PM | 5 Comments
  • Feb. 29, 2012, 2:37 PM

    Corning (GLW -2.2%) trades lower after Morgan Stanley reiterates an Underwight, noting downbeat remarks made by CFO James Flaws at a conference. Flaws mentioned his company's Samsung Corning JV (SCP) has chosen not to match a price cut from rival Nippon Electric, and has thus lost share at customer LG Display (LPL). As a result, SCP is now expected to see a "low-double-digit" shipment decline. (previously)

    | Feb. 29, 2012, 2:37 PM | 1 Comment
Company Description
Corning Inc is engaged in manufacturing of specialty glass and ceramics. The Company's segments are Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials and Life Sciences.