Market Currents

• Wednesday, December 9, 2009

• 08:22 AM Continued strength in worldwide LCD TV sales has led to an increase in Q4 glass substrate volume expectations, and an improved outlook on 2010 glass market growth, Corning says ahead of Barclays technology conference. Company now sees 2009 global glass market sales closer to 2.4B sqf, up from 2.3B, and believes global LCD TV sales will exceed 132M, up from a previous 129M. GLW +1.2% premarket. Comment!

• Monday, October 26, 2009

• 07:11 AM Corning (GLW): Q3 EPS of $0.42 beats by $0.03. Revenue of $1.48B (-4.9%) vs. $1.42B. (PR) Comment!
• 00:05 AM Notable pre-market earnings: ACV, GLW, LO, MHP, NOV, ONB, RSH, TLAB, VZ, WRI Comment!

• Monday, October 19, 2009

• 11:10 AM A power cut at a Corning (GLW) glass production facility in Taiwan will have a material effect on production of LCD screens. The company expects fourth-quarter production to be even with or down from the third-quarter numbers. Comment!

• Wednesday, September 16, 2009

• 10:16 AM Corning (GLW -1.7%) picks up a maker of laboratory liquid handling products from American Capital (ACAS +30%) for around $400M. The move should help lift Corning's life-sciences business. Comment!

• Friday, August 21, 2009

• 08:50 AM The recent uptrend in LCD prices should continue through September and perhaps into Q4 after last week's earthquake in Japan disrupted production at one of Corning's (GLW) glass facilities. That's good news for LCD makers (LPL, AUO), who have suffered consecutive quarterly losses. 1 Comment

• Tuesday, August 11, 2009

• 12:04 PM Shares of Corning (GLW) are -2.5% after it cut its LCD glass output forecast due to an earthquake that disrupted production at its facility in Shizuoka, Japan. Otherwise, CFO Jim Flaws said July was stronger than anticipated, "which further strengthened our belief that the impact of the global recession may be moderating." 2 Comments

• Monday, July 27, 2009

• 07:11 AM Corning (GLW): Q2 EPS of $0.39 beats by $0.07. Revenue of $1.4B (-17.6%) in-line. (PR) Comment!
• 00:05 AM Notable earnings before Monday's open: AET, ANR, EPD, FCL, GLW, HON, ICO, LO, RSH, SOHU, TLAB, VZ 1 Comment

• Monday, April 27, 2009

• 07:16 AM Corning (GLW): Q1 EPS of $0.10 beats by $0.05. Revenue of $989M (-38.8%) vs. $963M. (PR) Comment!
• 00:05 AM Notable earnings before Monday's open: BEAV, CHKP, EPD, GLW, HUM, IMA, LO, OMC, QCOM, SII, TKR, VZ, WHR Comment!

• Sunday, April 5, 2009

• 06:03 AM The market for flat-panel TVs is looking surprisingly strong. Barron's says Corning (GLW), which supplies the glass for more than half of the LCD market, could see its shares climb 50%. 1 Comment

• Friday, February 6, 2009

• 08:53 AM Corning (GLW): Sees 2009 sales of $5B vs. consensus of $4.7B. GLW will spend $630M on R&D in 2009, and expects "significant improvement in LCD glass demand in the second quarter, leading to stronger demand in the second half of this year." Short of which, it is ready to cut costs again. Shares +1.2% premarket. (PR) Comment!

• Tuesday, January 27, 2009

• 09:00 AM Premarket losers: GLW -8%. CEF -7%. BNK -7%. GERN -6%. SLW -5%. DOW -4%. EMC -3%. VLW -3%. MHP -3%. DAL -3%. VLO -3%. Comment!
• 07:49 AM 3,500 job cuts at Corning (GLW), including 1,400 temporaries. Will take a restructuring chare of $115-165M in Q1. Sees breakeven EPS in Q1, vs. consensus of $0.19. (PR) Comment!
• 07:33 AM Corning (GLW): Q4 EPS of $0.16 misses by $0.04. Revenue of $1.1B (-30.4%) in-line. Shares -6.0% premarket. (PR) Comment!