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Corning Inc. (GLW)

- NYSE
  • 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.
    | 3 Comments
  • Dec. 4, 2012, 12:20 PM
    Windows (MSFT) notebook unit sales fell 10% Y/Y on Black Friday, claims NPD, which recently estimated a 24% Y/Y drop for the first month of Windows 8 sales. Windows 8 gear made up 89% of notebook sales and sported an ASP of just $368; touchscreen devices made up only 3% of sales. Mac (AAPL) sales were flat Y/Y while Android (GOOG) tablets saw a 177% increase, though their ASP plunged to $151 from $219 (no doubt thanks to the Kindle Fire/Nexus 7). TV units rose 4%, but revenue fell 6% thanks to falling ASPs. Total consumer electronics sales fell 5.6%.
    | 16 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%.
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  • 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.
    | 3 Comments
  • Nov. 14, 2012, 1:44 PM
    Samsung (SSNLF.PK) promises its flexible OLED displays, which can enable bendable gadgets, will enter production in 1H13. However, there's no still no date set for when the first products featuring flexible OLEDs will arrive. They can't come soon enough for OLED tech provider Universal Display (PANL), clobbered last week due to Samsung's decision to hold off on ramping the use of green host materials. Corning (GLW), whose Willow Glass supports flexible displays, could also benefit.
    | 3 Comments
  • Oct. 26, 2012, 5:10 PM
    Corning (GLW -2.2%) has joined the corporate debt refinancing party. Using a $250M offering of 1.45% senior notes due Nov. '17, the glassmaker has made a tender offer to buy back $75M in 6.75% and 8.875% notes, and plans to spend $174M to redeem 5.9% and 6.2% notes. Corning had $3.4B in debt as of Sep. 30.
    | 4 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.
    | 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)
    | 3 Comments
  • Oct. 24, 2012, 7:18 AM
    Corning (GLW): Q3 EPS of $0.34 beats by $0.02. Revenue of $2.04B (-2% Y/Y) in-line. (PR)
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  • Oct. 24, 2012, 12:05 AM
    Notable earnings before Wednesday’s open: AEP, ALXN, ATI, BA, BMY, CP, DAL, DPS, DTE, EAT, ECA, ELN, EMC, GD, GLW, HCBK, IACI, KMB, LCC, LL, LLY, LMT, LO, LVLT, MSI, NDAQ, NEE, NOC, NYB, OC, PVR, PX, RCI, REGN, RES, SAP, T, TMO, TROW, WYN
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  • Oct. 23, 2012, 5:30 PM
    Notable earnings before Wednesday’s open: AEP, ALXN, ATI, BA, BMY, CP, DAL, DPS, DTE, EAT, ECA, ELN, EMC, GD, GLW, HCBK, IACI, KMB, LCC, LL, LLY, LMT, LO, LVLT, MSI, NDAQ, NEE, NOC, NYB, OC, PVR, PX, RCI, REGN, RES, SAP, T, TMO, TROW, WYN
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  • Oct. 3, 2012, 12:51 PM
    Corning (GLW) declares $0.09/share quarterly dividend, 20% increase from prior dividend of $0.075. Forward yield 2.72%. For shareholders of record Nov 16. Payable Dec 14. Ex-div date Nov 14. (PR)
    | 6 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)
    | 2 Comments
  • Sep. 11, 2012, 2:27 PM
    As consumer electronics spending shifts to mobile devices, the TV market is looking just as ugly as the PC market. DisplaySearch estimates global Q2 unit shipments fell 8% Y/Y in Q2, the same as Q1. Top vendor Samsung's (SSNLF.PK) TV revenues rose 18% Y/Y, boosting its share to 28.5%. But #3 Sony's (SNE) fell 33%, hurt by the Japanese market's brutal 77% shipment drop. Some companies with TV industry exposure: GLW, STM, NXPI, SIGM, AUO, LPL.
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  • 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.
    | 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.
    | 1 Comment
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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.