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Corning Inc. (GLW)

  • Jul. 25, 2012, 6:21 PM
    Corning (GLW -7.7%) opened down just slightly after reporting this morning, but ended up plunging to 3-year lows. Q2's 16% Y/Y drop in display glass sales more than offset modest increases elsewhere, and stoked fears that there's no bottom in sight for the market, given weak LCD TV demand. During its earnings call, Corning noted macro issues are affecting multiple businesses, and that it's seeing "mixed performance" in China, where it's about to build a new plant. AUO -7.6%. LPL -4.1%.
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  • May. 8, 2012, 11:39 AM
    LCD panel vendor AU Optronics (AUO -4.5%) underperforms after reporting April sales fell 3.4% M/M and 8.5% Y/Y. Shipments of 10"+ panels fell 3.9% M/M, while shipments of sub-10" panels fell 17.4% - the latter is likely more evidence of weak orders from mobile device vendors other than Apple and Samsung. The report is arguably a modest negative for fellow panel vendor LG Display (LPL), and for LCD glassmaker Corning (GLW).
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  • Apr. 25, 2012, 11:08 AM
    Corning (GLW +5.8%) rallies after beating Q1 estimates and offering a relatively upbeat outlook for its pressured LCD glass business. Corning predicts glass price declines "will be much more moderate" in Q2 than in prior quarters, with volumes flat for Corning's internal glass ops and up slightly for Samsung Corning, which recently lost a major deal. In addition, the Specialty Materials business is expected to grow 10%-15% thanks to strong Gorilla Glass sales.
  • Apr. 25, 2012, 9:06 AM
    Premarket gainers: GEOI +21%. KND +17%. CDXS +9%. AAPL +9%. S +8%. TQNT +8%. JNY +6%. DAN +6%. RFMD +6%. GLW +5%. MOS +5%. ARMH +5%. MT +5%. BRCM +5%. NBR +4%. CLWR +4%. ALU +4%. FTNT +4%. STM +4%. POT +4%. HOG +4%. BBVA +4%. TS +3%. NOK +3%. STD +3%. TEF +3%. VMED +3%. IGT +3%.
    Losers: ICON -14%. BIDU -6%. GSK -3%.
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  • Apr. 25, 2012, 7:32 AM
    Corning (GLW): Q1 EPS of $0.30 beats by $0.02. Revenue of $1.92B (+flat% Y/Y) beats by $50M. Shares +1.5% premarket. (PR)
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  • Mar. 8, 2012, 1:40 PM
    AU Optronics (AUO +2.1%) follows the tech sector higher after reporting February sales of $948M - up 29% M/M and 3% Y/Y, and further evidence of improving conditions for the LCD panel market. Strong shipment growth was seen for both large and small panels. Also rallying are rival LG Display (LPL +2.6%) and LCD glass supplier Corning (GLW +2.1% - previously).
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  • Mar. 7, 2012, 4:48 PM
    Corning (GLW) edges higher AH after it's disclosed director Gordon Gund bought 150K shares on March 6 at $12.75. Gund last bought Corning shares in Nov. 2008.
  • Feb. 29, 2012, 2:37 PM
    Corning (GLW -2.2%) trades lower after Morgan Stanley reiterates an Underwight, noting downbeat remarks made by CFO James Flaws at a conference. Flaws mentioned his company's Samsung Corning JV (SCP) has chosen not to match a price cut from rival Nippon Electric, and has thus lost share at customer LG Display (LPL). As a result, SCP is now expected to see a "low-double-digit" shipment decline. (previously)
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  • Feb. 6, 2012, 10:13 AM
    Piper Jaffray upgrades Corning (GLW +1.4%) shares to Overweight from Neutral with a raised price target to $16 from $13, asserting that GLW will resume earnings growth next year and perhaps see 19% growth to $1.60 per share, vs. ~$1.35 this year. GLW likely will be more aggressive in its stock buyback, it has $3.4B in net cash and is generating "substantial" free cash flow.
  • Feb. 3, 2012, 9:35 AM
    Corning (GLW +2.4%), which badly needs new growth opportunities for its display glass business, is forming a JV with Samsung (SSNLF.PK) that will produce substrates based on Corning's Lotus Glass for Samsung's OLED mobile displays. The news is a positive for OLED technology and materials supplier Universal Display (PANL +2.8%), which counts Samsung as its largest customer.
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  • Jan. 25, 2012, 10:26 AM
    Corning (GLW -10%) shares continue their post-earnings slide, as investors focus on dismal conditions in the LCD glass industry. Prices will continue to fall rapidly, GLW warns, with no growth in the core display glass business over the next few years. "We believe Corning is approaching a new floor in terms of profitability, [and] our plan is to grow profits from this new level," CEO James Flaws says.
  • Jan. 25, 2012, 9:00 AM
    Premarket gainers: ILMN +39%. PACB +21%. CA +16%. NBG +10%. TXT +9%. AAPL +9%. TPX +9%. LCC +7%. LIFE +7%. TQNT +6%. CRUS +6%. DAL +6%. RDN +5%. ZNGA +4%. WLT +4%. BRCM +4%.
    Losers: FBC -24%. REDF -16%. ERIC -15%. FIO -12%. GLW -10%. ALU -9%. WLP -5%. AMD -4%. NVS -4%. WPZ -4%. NVDA -4%. MT -3%. ING -3%.
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  • Jan. 25, 2012, 7:39 AM
    More on Corning's (GLW) Q4: Sales off 9% Q/Q, impacted by decrease in glass prices. Segment sales results include a 13% Q/Q decline in Telecommunications and a 4% drop off in Display Technologies. Says its working with financially-distressed clients by reducing glass prices. Shares -4.2% premarket. (PR)
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  • Jan. 25, 2012, 7:23 AM
    Corning (GLW): Q4 EPS of $0.33 in-line. Revenue of $1.89B (+7% Y/Y) beats by $0.05B. Company expects significant double-digit price declines over the cumulative two-quarter period of Q4 and Q1. Shares -4.4% premarket. (PR)
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  • Jan. 6, 2012, 3:48 PM
    Corning (GLW +2.2%) gets a lift on positive comments out of KeyBanc today. The firm initiates coverage with a Hold on short-term concerns over valuation, but note the company's attractive long-term potential.
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  • Nov. 29, 2011, 2:02 PM
    Davenport’s Drake Johnstone, with egg on his face after raising his rating on Corning (GLW -13%) shares a day before the company’s warning of lower-than-expected glass sales, scrambles to its defense, reiterating his Buy call and asserting that "panel maker demand for Corning’s glass substrates should improve in the first half of 2012." (also)
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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.