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Stock Market & Financial Investment News

News For GLW From The Last 14 Days
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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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April 13, 2015
08:39 EDTGLWCorning announces collaboration with OLEDWorks
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