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January 28, 2013
14:07 EDTGLWEarnings Preview: Corning sees Q4 gross margin down almost 1%
Corning (GLW) is expected to report Q4 earnings on Tuesday, January 29 before the market open with a conference call scheduled for 8:30 am ET. Corning is a globally diversified technology company... EXPECTATIONS: Analysts are looking for EPS of 33c on revenue of $2.07B, according to First Call. The consensus range for EPS is 30c-35c on revenue of $1.99B-$2.13B... LAST QUARTER: Corning reported Q3 adjusted EPS of 34c against estimates for 32c on revenue of $2.04B against estimates for $2.02B. On its Q3 earnings report, the company said it planned to implement selected cost and modest head count reductions. Management cited macro economic weakness and expected the headwinds to persist into 2013. They anticipated a a pre-tax charge of up to $50M in Q4 to cover the cost of the restructuring. Q4 gross margin was also forecast to be down by almost 1%... STREET RESEARCH: Street research has been mixed in the weeks leading up to Corning’s Q4 earnings report. On January 11 and January 17, Corning was downgraded by Goldman Sachs and RBC Capital, respectively. Topeka upgraded Corning to Buy from Hold on November 27, while Bernstein initiated the shares with an Outperform rating and a $15.20 price target on December 4... PRICE ACTION: Corning’s shares have fallen approximately 11% since the company's Q3’s results were released in late October. In early afternoon trading ahead of Tuesday's Q4 report, Corning’s shares are down about 2%.
News For GLW From The Last 14 Days
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December 18, 2014
10:01 EDTGLWOn The Fly: Analyst Upgrade Summary
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06:27 EDTGLWCorning upgraded to Buy from Neutral at Citigroup
Citigroup upgraded Corning to Buy on expectations TV demand will pick up over the next few years as consumers upgrade their first flat panel TV to the latest technology. Citi raised its price target for shares to $25 from $21.
December 17, 2014
16:40 EDTGLWCorning: Dow Corning reduces Implant Liability, abandons Hemlock facility
In a filing Corning said: "During Q414, Dow Corning, with the assistance of a third-party advisor, developed an estimate of the future Implant Liability based on evidence that the actual funding required for the Settlement Facility is expected to be lower than the full funding cap set forth in the Plan. On December 12, Dow Corning reduced its Implant Liability by approximately $1.3B. Previously, the Implant Liability was based on the full funding cap set forth in the Plan. The revised Implant Liability reflects Dow Corning’s best estimate of its remaining obligations under the Plan. Should events or circumstances occur in the future which change Dow Corning’s estimate of the remaining funding obligations, the Implant Liability will be revised. This adjustment does not affect Dow Corning’s commitment or ability to fulfill its obligations under the settlement, and all claims that qualify under the settlement will be paid according to the terms of the Plan. On December 15, Dow Corning determined its Hemlock Semiconductor facility in Clarksville, Tennessee, would not be economically viable and made the decision to permanently abandon the assets. This decision was made after review of sustained adverse market conditions and continued oversupply, the cost of operating the facility, and the ongoing impact of tariffs on polycrystalline silicon imported into China. Dow Corning expects to record a pre-tax charge of approximately $1.5B to $1.6Bn related to the decision to permanently cease use of these assets. Corning’s fourth quarter equity earnings will reflect the company’s 50% share of: (1) Dow Corning's after-tax gain related to the decrease in its Implant liability in the amount of approximately $400M; and (2) Dow Corning’s after-tax charge against the Clarksville facility in the amount of approximately $500M."
December 15, 2014
08:43 EDTGLWCorning to acquire TR Manufacturing, terms not disclosed
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December 11, 2014
11:14 EDTGLWCorning management to meet with Jefferies
Meeting to be held in Boston on December 18 hosted by Jefferies.
December 9, 2014
08:35 EDTGLWCorning Gorilla Glass 4 chosen for Samsung Galaxy ALPHA
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