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Corning Inc. (GLW)

- NYSE
  • 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.
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  • Jun. 6, 2013, 2:47 PM
    Glass 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)
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  • 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.
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  • 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.
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  • 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.
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  • 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.
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  • Apr. 25, 2013, 3:54 PM
    Corning (GLW +3%) plans to spend $250M to boost the capacity of its diesel emissions control substrate/filter ops; the majority of the spending will go to an Erwin, NY facility, though investments will also be made in Chinese facilities. The company thinks demand for the products, which go into diesel engines, could double by 2017 thanks to new Chinese/European regulation. They're part of an Environmental Technologies unit that generated $228M in sales in Q1 (-13% Y/Y thanks to weak heavy-duty diesel demand in North America, and light diesel car demand in Europe).
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  • Apr. 24, 2013, 9:43 AM
    Corning Incorporated (GLW) declares $0.10/share quarterly dividend, 10% increase from prior dividend of $0.09. Forward yield 3.04%. For shareholders of record May 31. Payable June 28. Ex-div date May 29. (PR)
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  • Apr. 24, 2013, 9:18 AM
    In tandem with its Q1 report (I, II), Corning (GLW) has announced a new $2B stock buyback program to replace a $1.5B program that expired in December, and has hiked its quarterly dividend by a penny to $0.10/share. The buyback is good for repurchasing 10% of shares at current levels, and the dividend hike raises Corning's yield to 3%. Shares +2.7% premarket. (PR)
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  • Apr. 24, 2013, 8:43 AM
    More on Corning: EPS beat estimates thanks to a 100 bps Y/Y increase in gross margin to 43% (a 200 bps drop was seen in Q4). LCD unit sales +7% Y/Y (+3% in Q4) and 36% of total, volume rose by a "mid-teens" level. Telecom (optical fiber) sales -7% (+10% in Q4) and 26% of total. Specialty materials (inc. Gorilla Glass) sales -10% due to semiconductor weakness, but earnings +39%. Environmental -13%, Life Sciences +34% (boosted by M&A). Opex fell slightly. Q2 LCD volume expected to be similar to Q1, price drops to remain moderate. Telecom sales to rise 20% Q/Q, specialty materials 15%-20%. GLW +2.2%. CC underway (webcast). (PR)
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  • Apr. 24, 2013, 7:18 AM
    Corning (GLW): Q1 EPS of $0.30 beats by $0.06. Revenue of $1.8B misses by $0.16B. (PR)
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  • Apr. 24, 2013, 12:05 AM
    Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN
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  • Apr. 23, 2013, 5:30 PM
    Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN
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  • Apr. 12, 2013, 12:54 PM
    Though Samsung (SSNLF.PK) is the world's biggest memory maker and a top LCD maker, the growing needs of its phone/tablet ops are forcing it to turn to 3rd-party suppliers. Digitimes reports Samsung has stepped up its purchases of mobile DRAM chips from Elpida and NAND flash products from Toshiba, and that the electronics giant is also buying 5.8" LCD panels from Taiwanese suppliers for its phablets. The implications for memory/LCD demand and pricing are a positive for rivals MU, SNDK, AUO, and LPL, and perhaps also glassmaker GLW and NAND controller supplier SIMO.
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  • Mar. 21, 2013, 6:37 PM
    Sapphire glass will find its way into smartphone displays, GT Advanced (GTAT) insists. Sapphire, used in the iPhone 5's camera lens, is thinner and ~3x stronger/scratch-resistant than Gorilla Glass (GLW). But a sapphire display costs ~$30, whereas a Gorilla Glass display costs less than $3. GT is hoping its furnaces, which can be upgraded to support larger crystals at little cost, will narrow the gap to 3x-4x. Industry analyst Eric Virey, who thinks sapphire's cost could fall below $20 in a couple years, expects "some high-end smartphones using sapphire in 2013." (previous)
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  • Feb. 28, 2013, 12:48 PM
    Don't hold your breath for flexible gadgets based on Corning's (GLW) Willow Glass, suggests exec James Clappin. Given that customers "are not accustomed to glass you roll up," he thinks it will probably be 3 years or more before flexible Willow Glass displays arrive. However, simpler products, such as a thin film for touch panels and a flexible barrier for solar modules, are expected this year. The comments follow speculation an Apple iWatch will make use of Willow Glass. (Bargoa purchase)
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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.