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Corning: Protecting And Expanding Gorilla Glass Market Share Through Innovation
- Gorilla Glass 4 will continue to capitalize on growth opportunities in the consumer electronics market and the success of Gorilla Glass 3.
- The company is engaged in research and development using Gorilla Glass for various new uses involving air and water testing, acoustics and healthcare applications.
- The more diverse the uses of Gorilla Glass, the less the company needs to rely primarily on the handheld device business for the product.
- New applications for Gorilla Glass allow the company to retain, and, at the same time, expand market share for the product.
- The company recently raised the dividend and initiated a new share buyback program to reward shareholders while research moves forward.
Update: Corning Cleaning House At Dow Corning Before A Divestiture?
- Dow Corning announced its decision to close a manufacturing plant and reduce by about $1.3 billion its contribution to a fund to pay out claims arising from lawsuits.
- These actions by Dow Corning, and, as such, its owners DOW and GLW, are a likely prelude to GLW divesting its share of the joint venture.
- The CEO of Dow Chemical previously indicated that GLW may be about to sell its half of the Dow Corning multi-billion dollar joint venture.
- The proceeds from the sale of GLW's share of the Dow Corning joint venture may be used for an acquisition or an increased share buyback.
- We did not anticipate this specific announcement, but did recognize that GLW was interested in divesting its share of Dow Corning.
Update: Corning Acquires Leading Provider Of Fiber-Optic And Copper Cable/ComponentsWillow Street Investments • Tue, Dec. 16
- This acquisition by GLW is the latest in a series of acquisitions by the company in the last year.
- We see more acquisitions ahead as the company strengthens each of their divisions before an even more significant move by the company.
- The company recently increased their dividend by 20 percent and instituted a $1.5 billion share buy back.
- We did not anticipate this specific acquisition, but did recognize that the company is strategically strengthening each of the divisions through acquisitions.
Best S&P 500 Tech Stocks According To Piotroski Principles: Corning
- Ranking the top twenty S&P 500 tech stocks, according to principles of the well-known investor Joseph Piotroski.
- Explanation and back-testing of the "All-Stars: Piotroski" ranking system.
- Highlights and a buy recommendation for the third-ranked stock of the system; Corning Inc.
Corning: Multiple Company Announcements May Push Stock Over $25 Early In 2015
- A recent strong increase in global shipments of liquid crystal display televisions will likely ensure a strong performance in the company’s display technologies division.
- The company’s recent acquisition of the Samsung's fiber optics business will strengthen position in Asian economies and take advantage of growing demand for fiber optic cables and products.
- The recent announcement of Gorilla Glass 4 will continue to capitalize on growth opportunities in the consumer electronics market and the success of Gorilla Glass 3.
- The company has been expanding manufacturing capacity for its emissions products as demand increases for such products due to strict global emissions and air quality standards.
- The company continues to work on a major unannounced initiative for its life sciences division which it believes could become a large opportunity for the company.
- Corning hiked the dividend to an attractive 2.3%.
- Corning authorized another $1.5 billion share buybacks that adds to a history of value creation over the past three years.
- Corning leads a group of old-school technology stocks with high yields.
- Corning shares have been on the comeback trail for two years.
- The purchase of Samsung's fiber optics assets gives Corning more stability.
- This is moving from a trading stock to an investing stock. Look for an entry point.
Corning: Gorilla Glass 4 Can Cater To Demand For Damage Resistant, Thinner Displays
- Corning has introduced Gorilla Glass 4, which was a significant improvement over Gorilla Glass 3 and also most other competing cover glass in the market.
- We believe the glass will ensure Corning remains the market leader in the segment by catering to the growing demand for thinner and more damage-resistant devices.
- Gorilla Glass 4 could not have been launched at a better time, as smartphone manufacturers are increasingly demanding stronger cover glass.
Corning's Cash-Rich Balance Sheet And Impressive Growth Outlook Leads To Significant Upside Potential
- Corning shares trade at only 13 times forward earnings, despite a future projected earnings growth rate of 13.5%.
- The company possesses a strong balance sheet with nearly $5 per share in cash and its potential sale of Dow Corning would likely further improve its cash position.
- While the firm does face competitive pressures, at their current price its shares appear significantly undervalued with nearly 50% upside potential, according to a DRAG analysis.
Corning: About To Divest Its Share Of Dow Corning And Then Enhance Shareholder Value?
- The CEO of Dow Chemical indicated that GLW may be about to sell its half of the Dow-Corning multibillion dollar joint venture.
- The proceeds from the sale of GLW’s share of the Dow Corning joint venture may be used for an acquisition or a large scale share buyback.
- Continuing failure by GLW management to maximize shareholder value may result in large investors calling for a break-up of GLW or a company taking over GLW.
- In the next few months, the company is likely to increase its dividend and initiate a new share buyback program.
Optical Communications Segment Will Drive Future Growth For Corning
- The optical communications segment is one of the key business segments of the company.
- There is a major opportunity available for the segment from Australia, and it should allow Corning to grow its revenues from this region over the next few years.
- Consistent innovation in the segment should allow Corning to maintain an advantage over its competition.
- In addition to the revenue growth measures, the company is also trying to bring down the costs from the segment, which should enhance its margins.
Update: Corning Exceeds Earnings Estimates, Shareholder Friendly Actions Are Next
- The company’s earnings exceeded earnings estimates, as certain divisions outperformed others.
- The company’s board of directors agreed to accelerate their evaluation of future share repurchases and dividend increases.
- The increased use of GLW's Gorilla Glass product in the automotive industry may be the next growth driver for the company.
- We did not anticipate the exceeding of earnings estimates, but did anticipate the potential for increased share buybacks and a dividend increase.
Corning - Appeal Lures, Yet I Am Not Pulling The Trigger
- Corning posts solid third quarter results, beating on both the topline and bottom line results.
- At the same time the company warns about LCD volumes and prices in the upcoming quarter.
- I like the valuation, strong balance sheet and historical profitability, but hate the reliance on some key manufacturers and lousy stock track record of the stock.
- Corning reported 3Q EPS of $0.40, beating estimates by $0.03.
- Core sales increased 26% Y/Y to $2,649 million and core earnings increased 17% Y/Y to $568 million.
- After Corning reported somewhat disappointing 2Q results, the stock dropped 10% and my article called for investors to establish a long-term position on the pullback.
- Corning posted exceptional revenue growth of 23% and operating income growth of 41% year over year for Q3.
- Glass substrates for LCD displays remain Corning's most important business, which was never threatened by the sapphire display mirage.
- With future growth in Displays, Gorilla Glass, and optical fiber, Corning is poised for exceptional growth.
Corning: A Pre-Earnings Buy, As Company Has Options To Enhance Shareholder Value
- The company's shares have sold off in the last several months presenting potential investors with a better entry point.
- The company announced a joint development agreement with Maxwell Technologies to advance capacitive energy storage technology.
- Innovation for Gorilla Glass with respect to healthcare applications will boost GLW's performance in the intermediate term.
- Continuing failure by GLW management to maximize shareholder value may result in large investors calling for a break-up of GLW or in a company taking over GLW.
- The company’s shares yield over 2 percent in addition to substantial share buy backs.
Mr. Market Is Offering Corning At A Low, Low Price
- Benjamin Graham's "Mr. Market" is irrationally under valuing Corning stock.
- Corning's low P/B ratio and high free cash flow yield make a strong case that the stock is under valued.
- An investor who buys Corning and holds for the long run will enjoy exceptional returns.
Corning Sell-Off Creates An Attractive Buying Opportunity
- Core Net Sales were up 28% to $2.58 billion YOY, compared to $2.02 billion for the second quarter of 2013.
- Display Technologies sales were $1.1 billion, up 62% from $670 million YOY. LCD glass volume grew in the low teens percentage sequentially and was higher than anticipated.
- The stock is up more than 25% in the last year. When you factor in the current valuation, the stock still has about 32.1% upside remaining.
- GT Advanced Technologies blindsided shareholders Monday by declaring bankruptcy, triggered by a broken relationship with Apple.
- This was an unexpected and significant positive catalyst for Corning, a competitor that supplies Gorilla Glass to the mobile industry.
- Corning was already a cheap stock in the context of the overall market. The demise of its competitor is just one more reason to consider the stock for purchase.
Corning: Some Warts, But Ultimately A $30 Stock Within 5 Years
- Corning has recently gotten serious about a stock buyback program, taking off 100 million shares, or about 7% of company stock, within the past twelve months.
- The optical fiber/cable division, which accounts for 10% of Corning's business, has been growing at north of 20% and ought to spike the company's stock price.
- Corning does come with some warts in terms of past record, as its current profits are still lower than 2007 levels.
Tue, Dec. 9, 10:16 AM
- In a PR issued ahead of a Barclays conference presentation, Corning (NYSE:GLW) says it now expects global LCD glass demand to rise by a low-single digit % Q/Q in Q4, better than prior guidance for a slight decline. Corning forecasts its glass growth to be in-line with market growth.
- Also, Q4 price declines are expected to be "even more moderate than anticipated at the beginning of the quarter.," and Corning expects 2015 price declines to smaller than 2014's due to strong LCD TV demand, a weak yen, and tightening supplies. Demand for both larger sets and 4K TVs is giving the industry a boost.
- Also: Corning says Samsung is using recently-launched Gorilla Glass 4 (offers improved damage resistance) in its high-end Galaxy Alpha phone.
- LCD driver IC vendor Himax (HIMX +2.1%) is following Corning higher on a morning the Nasdaq is down 1.1%. Large-panel drivers accounted for 28% of Himax's Q3 sales.
Tue, Oct. 28, 10:07 AM
- Corning (GLW +1.2%) is guiding for Specialty Materials core sales (includes Gorilla Glass) to "decrease sequentially by a low-to-mid teen digit percentage, reflecting the absence of new product launches that occurred in the third quarter."
- While the iPhone 6 is believed to use Gorilla Glass, soft tablet sales have weighed on Specialty Materials' performance. On the other hand, auto industry interest in Gorilla Glass (for solutions that can lower weight) is growing.
- LCD glass volume is expected to be flat to down slightly Q/Q, and LCD price declines more moderate. Full-year global retail glass demand is forecast to be up 10%, and demand for 4K TVs and larger sets is expected to boost 2015 sales.
- Optical Communications is expected to grow by a mid-single digit % Y/Y, and Environmental Technologies to grow by a high-single digit %. Life Sciences is expected to be flat.
- Q3 segment performance: Display Technologies sales (boosted by the Samsung deal) +62% Y/Y to $689M; Optical +7% to $650M; Environmental +25% to $282M (diesel emissions product demand); Specialty Materials +0.3% to $327M; Life Sciences -0.5% to $214M.
- Gross margin was 42.9%, +130 bps Q/Q and -70 bps Y/Y. SG&A spend -3% to $256M, R&D +8% to $199M. $200M was spent to repurchase 9.6M shares.
- Shares opened lower, but have quickly moved higher.
- Q3 results, PR
Tue, Oct. 28, 7:18 AM
Mon, Oct. 27, 5:30 PM
- ACI, AET, AGCO, AIXG, ALR, AME, AMTD, AN, AXE, BP, CAS, CIT, CMI, CNC, CNX, COH, CPLA, CRY, CVLT, CYNO, DD, DIN, ECL, ENTG, FCX, FDP, FLWS, FMER, GLPI, GLW, HCA, HMC, HOT, HRS, ICON, IIVI, IPGP, LH, MDSO, MLM, MMC, MSM, MSO, MWV, NBL, NCI, NVS, PCAR, PCG, PES, PFE, PH, POR, RDWR, SAIA, SAVE, SCHN, SCOR, SHW, SIRI, SNCR, ST, SYRG, TECH, TKR, TRW, TTS, TWI, UBS, UTHR, VDSI, VRTS, VSH, WAB, WHR, XYL
Thu, Oct. 23, 5:01 PM
- Along with its Q3 results, Maxwell (NASDAQ:MXWL) has announced it's partnering with Corning (NYSE:GLW) to develop new ultracapacitor technologies.
- The companies declare "Maxwell's expertise in ultracapacitor cell design, manufacturing processes and market-leading capacitive energy storage product designs" will be paired with "Corning's expertise in high-performance materials, analytical capabilities and technology innovations." They aim to address tech challenges related to "energy density, lifetime, operating environment, form factor and cost."
- MXWL +14.9% AH thanks to the partnership, its Q3 beat, and its Q4 guidance: The company expects revenue to be up "as much as" 20%-25% Q/Q. That implies a range of $49.9M-$52M, well above a $44.4M consensus. Strong demand from the Chinese hybrid bus and wind energy markets are contributing to the growth.
Tue, Jul. 29, 9:29 AM
- Corning's (NYSE:GLW) Q2 gross margin was 41.6%, +60 bps Q/Q but -300 bps Y/Y and driving the quarter's EPS miss.
- Contributing to the margin pressure: specialty materials (Gorilla Glass) sales, which tend to carry higher margins, were roughly flat Y/Y at $298M. Gorilla Glass sales missed expectations due to soft retail demand for smartphones/tablets and "lower-than-expected sales for planned new models." That could be a reference to Apple's sapphire production ramp ahead of the iPhone 6 launch.
- On the other hand, LCD glass division sales (boosted by the Samsung deal) rose 62% Y/Y to $1.1B, with glass volumes growing by a low-teens % Q/Q (better than expected). Price declines were moderate, as expected.
- Optical communications (fiber) sales were also better than expected, rising 14% to $601M. Environmental Technologies grew 25% to $285M thanks to demand for diesel emission control products, and life sciences rose 2% to $223M.
- Q3 guidance: LCD glass volumes will rise by a mid-single digit % Q/Q, with price declines moderating further; optical will grow by a mid-single digit % Y/Y, environmental will grow 20%-25% Y/Y; specialty materials will grow 10% Q/Q; life sciences will be up slightly Y/Y.
- With revenue up 25% Y/Y, SG&A spend rose 20% Y/Y to $318M, and R&D spend 16% to $208M. $200M was spent on buybacks. Corning has cut its full-year capex guidance by $200M to $1.3B.
- Q2 results, PR
Tue, Jul. 29, 7:31 AM
Mon, Jul. 28, 5:30 PM
- ACI, AET, AGCO, AIXG, AKS, ALLY, AMAG, AMG, ARW, AUDC, AVX, AXE, BP, CARB, CAS, CNX, CPLA, CRS, CVLT, CYNO, DIN, DSX, ECL, ENTG, ETN, ETR, FDP, FIS, FSS, GLT, GLW, GNC, GTI, HCA, HMC, HRS, HW, ICON, IP, IPGP, ITW, KLIC, LVLT, MDC, MDSO, MDXG, MHFI, MLM, MMC, MRK, MSO, NCI, NEE, NLSN, NMM, NOV, NYT, OSK, PCAR, PFE, POR, RAI, RYN, SAVE, SIRI, SNCR, ST, TLM, TRW, UAM, UBS, UBSI, UDR, UPS, UTHR, VSH, WDR, WM, WYNN, XYL, YNDX
Mon, Apr. 28, 7:55 AM
- Corning's (GLW) Q1 beat was fueled by better-than-expected numbers for its Optical Communications (fiber) and Environmental Technologies units. The former saw sales grow 26% Y/Y to $593M, better than Q4's 12% clip and beating guidance for mid-teens growth. The latter's sales rose 21% to $228M, better than Q4's 9% rate and above guidance for mid-single digit growth.
- Optical sales were boosted by North American demand, and Environmental sales by demand for heavy-duty diesel emissions products.
- Thanks to the Samsung deal, Display Technologies (LCD glass) sales rose 58% Y/Y to $1B. Adjusted volumes rose by a low-single digit % Y/Y, and (as expected) price declines were higher than in recent quarters.
- Specialty Materials (Gorilla Glass) sales rose slightly Y/Y to $261M, and Life Sciences sales rose slightly to $210M. Both units were expected to see flat growth.
- LCD glass volumes are expected to be up by a high-single digit % Q/Q in Q2, and price declines to be "significantly less" than Q1's.
- Guidance for other units: Mid-to-high single-digit Y/Y growth for Optical, low-to-mid teen Y/Y growth for Environmental, 20%-25% Q/Q growth for Specialty Materials (Gorilla Glass demand, end of inventory issues), Life Sciences consistent with a year ago.
- Gross margin rose 100 bps Q/A and fell 100 bps Y/Y to 41%. The Samsung deal led op. margin to fall 420 bps to 13.7%, but Corning says it's making "terrific progress" with integration efforts.
- Corning ended with Q1 with $5.6B in cash, and $3.7B in debt.
- Q1 results, PR
Mon, Apr. 28, 7:26 AM
Sun, Apr. 27, 5:30 PM
Tue, Jan. 28, 9:34 AM
- Though Corning (GLW -7.8%) beat Q4 estimates and is guiding for its display technologies (LCD TV/monitor glass) volumes to be "in-line with normal seasonality" in Q1 (down slightly Q/Q), it also "expects LCD glass price declines to be higher than previous quarters."
- Price declines are expected to "return to moderate levels" afterwards, and Corning expects 2014 retail demand (in terms of sq. feet) to be "up a mid-to-high single digit percentage."
- Display technologies sales (33% of total) fell 5% Y/Y in Q4 to $665M after growing 7% in Q3; the segment's core earnings were flat. Optical communications (fiber) sales rose 12% to $605M vs. 24% in Q3, but an unfavorable mix and shutdowns led earnings to drop 18%.
- Specialty materials (Gorilla Glass) sales fell 29% to $285M vs. a 10% drop in Q3 (customer inventories are blamed). But sales are expected to be flat in Q1. Environmental technologies +9% to $238M vs. -3% in Q3, life sciences (lifted by M&A) +14% to $185M vs. +39%.
- Environmental sales are expected to be up by a mid-single digit % in Q1 and optical sales by a mid-teens %. Life sciences sales are expected to be flat.
- Q4 gross margin was 40%, down 400 bps Q/Q and 200 bps Y/Y. Gorilla Glass declines and optical mix are blamed. Thanks to the Samsung deal, $1.08B was spent on buybacks, which boosted EPS. SG&A spend -7% Y/Y to $332M, R&D -23% to $169M.
- Q4 results, PR
Tue, Jan. 28, 7:37 AM
Tue, Jan. 28, 12:05 AM
Mon, Jan. 27, 5:30 PM
Nov. 20, 2013, 9:22 AM
- Ahead of CFO James Flaws' 1:45PM ET UBS conference talk (webcast), Corning (GLW) reiterates it expects Q4 earnings to be down Q/Q due to both seasonality and "specific business factors," such as weakness in its optical fiber business. (PR)
- As it is, Corning's Q4 EPS consensus is at $0.28, below reported Q3 EPS of $0.33.
- Corning also states it expects Specialty Materials sales (inc. Gorilla Glass) to be down 20% Y/Y, something attributed to inventory builds a year ago. Corning previously guided for Specialty Materials sales to be flat Q/Q in Q4; that implied an 18% Y/Y drop. The company promises a subsequent return to growth, fueled by smartphone, tablet, and notebook demand.
- In an effort to address worries about GT Advanced's (GTAT) big sapphire supply deal with Apple, Corning asserts it "continues to innovate with Apple to advance the state of the art with even tougher versions of [Gorilla Glass]," and that it continues to work on improving Gorilla Glass' durability and scratch-resistance (two key selling points for sapphire).
- Shares -0.6% premarket.
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