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Corning Inc. (GLW)

- NYSE
  • 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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  • Feb. 27, 2013, 5:15 PM
    Corning (GLW) is buying Bargoa S.A., a Brazilian maker of telecom products that rely on thermo injection molding. The purchase complements Corning's optical fiber/telecom cable business. Terms are undisclosed. (PR)
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  • Feb. 10, 2013, 3:27 PM
    Apple (AAPL) is indeed thinking of selling an iWatch, both the NYT and WSJ report. Sources claim Apple is experimenting with iOS-based watches made of curved glass, and has discussed the matter with Foxconn. If an iWatch ever arrives, there's a good chance it will use Corning's (GLW) Willow Glass, which was created with bendable displays in mind. Former Apple UI designer Bruce Tognazzini recently predicted an iWatch will arrive, while providing a long list of apps/services it might support.
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  • Jan. 29, 2013, 9:22 AM
    More on Corning: Q4 LCD glass volumes were up in the high-single digits Q/Q, above raised guidance; sales were up 3% Y/Y. Price declines were higher than for Q3 (as expected), but are expected to moderate. Specialty Materials (SM) sales+10% Q/Q and +68% Y/Y thanks to Gorilla Glass demand. Telecom sales10% Y/Y, Environmental-6%, Life Sciences +29%. Q1 LCD glass volumes expected to be up Y/Y, but down in the mid-single digits Q/Q. Telecom expected to be up Y/Y in Q1, SM expected to fall Q/Q, but double-digit growth seen for 2013. GLW +1.4%. (PR)
    | 2 Comments
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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.