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Stock Market & Financial Investment News

News Breaks
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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April 28, 2015
09:11 EDTGLWCorning sees retail glass market up high-single digits in FY15
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09:02 EDTGLWCorning expects LCD glass prices to decline less in Q2 than in Q1
Corning management stated that European exchange rate adversely impacted net income by approximately $10M in Q1 and the company expects a similar impact in Q2. Management stated that it sees the Retail LCD glass market up low-single digits sequentially and expects volumes to be in line with the market. Expects supply chain weeks of inventory to be near high-end of 'healthy' range at approximately 18.5 weeks. Management sees the optical communications segment up mid-teens, environmental technologies segment down mid-single digits, life sciences segment down slightly, and specialty materials down mid-single digits, in Q2. Management stated that strong Gorilla volume offset by weakness in Semiconductor products. Management stated that it sees Q2 Dow Corning gross equity earnings approximately $60M. Sees Q2 gross margins approximately 45%. Sees Q2 SG&A approximately 13%. Sees Q2 RD&E approximately 8%. Guidance provided during Q1 earnings conference call.
07:17 EDTGLWCorning sees Q2 LCD glass volume up low single-digit percentage sequentially
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07:16 EDTGLWCorning says on track for core EPS growth in FY15
Corning CEO Wendell Weeks said, "In the first quarter, we benefited from the company's business diversity with core sales growing in four of five segments. Our Optical Communications segment had a terrific quarter as demand for fiber-to-the-home solutions and data center products remained strong. In our Display Technologies segment, moderate LCD glass price declines and a relentless focus on cost reductions have helped us maintain profitability. Finally, our latest generation of Gorilla Glass is a hit with customers, and its success is helping to drive operational results. We believe we are on track for another year of core earnings growth."
07:14 EDTGLWCorning reports Q1 core EPS 35c, consensus 34c
Reports Q1 revenue $2.3B, consensus $2.8B. Reports Q1 core sales $2.4B. Sequential LCD glass price declines continued at moderate levels in Q1, and the company expects prices to decline even less in Q2.
April 27, 2015
15:04 EDTGLWNotable companies reporting before tomorrow's open
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14:39 EDTGLWCorning technical comments ahead of earnings
The key technical feature on the 2-year chart is a potential bearish head and shoulders top. The neckline for the pattern is at the $22 area. If the news is more bearish than current expectations suggest and there is a breakdown below $22, the pattern will become active. Downside potential for the head and shoulders would be to the $19 area presuming it completes. A move below $20 would confirm a break in the long-term uptrend. If the news is bullish, the 52-week high at $25.16 becomes first important resistance. The $25 area has been difficult resistance for the stock to overcome, looking back over the prior ten years. If there is a move above the 52-week high, then next resistance is at $26.89.
13:36 EDTGLWEarnings Watch: Corning sees Q1 glass volume flat to down slightly
Corning (GLW) is expected to report first quarter earnings on Tuesday, April 28 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 earnings per share of 34c on revenue of $2.48B, according to First Call. The consensus range for EPS is 32c-38c on revenue of $2.43B-$2.54B. LAST QUARTER: Corning reported fourth quarter core EPS of 45c against estimates for 38c, on revenue of $2.4B against estimates for $2.5B. On its Q4 earnings report, CFO James Flaws said, "We are entering 2015 with momentum. We are expecting sales growth again this year in Optical Communications and Environmental Technologies. We anticipate that growing demand for Gorilla Glass will improve the Specialty Materials segment results. We expect that another strong year of manufacturing process improvements and cost reductions, in combination with sales growth, will deliver overall earnings growth for Corning this year." On its Q4 earnings conference call, management said it expects Q1 glass volume to be flat to down slightly, sequentially. It sees the Q1 glass market down sequentially on normal seasonality, and expects Q1 price declines to be moderate and similar to Q4. For fiscal year 2015, Corning sees the glass market up high-single digits and expects CapEx of $1.3B-$1.4B. STREET RESEARCH: Street research has been mixed in the weeks leading up to Corning’s Q1 earnings report. On January 28, Susquehanna said it believed its investment thesis for Corning continued to play out, citing the TV upgrade cycle and expectations for management to provide color on new product ramps at its upcoming analyst day on February 6. Susquehanna reiterated its Positive rating and raised its price target to $30 form $27 on Corning shares. Conversely, on April 9, Susquehanna lowered its estimates on Corning to reflect currency headwinds, but saw several positive catalysts. The firm cited its Gorilla 4 penetration in the Chinese handset market, auto maker penetration for rear windows, and its Iris glass which is being viewed as a realistic alternative to OLED technology. Susquehanna reiterated its Positive rating, but lowered its price target to $28 from $30 on Corning shares. PRICE ACTION: Corning’s shares have fallen over 6% since Q4 results were released. In afternoon trading ahead of Tuesday's Q1 report, Corning’s shares are down 0.5%.
07:55 EDTGLWCorning May weekly volatility elevated into Q1 and outlook
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April 21, 2015
10:34 EDTGLWCorning sapphire glass rumored to be in new Apple iPhone, PatentlyApple says
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April 15, 2015
09:55 EDTGLWBofA/Merrill U.S. autos analysts hold an analyst/industry conference call
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