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Corning Incorporated released better Q2 estimates for sales and EPS, driven by strong adoption of new optical connectivity products for Generative AI. The company is set for a robust "Springboard" framework, expecting to add over $3 billion in annualized top-line sales over the next three years. Corning is addressing overhangs, and we decided to maintain our buy rating estimates.
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Corning's stock price surged above $40 after raising its second-quarter sales forecast by $200 million, driven by demand for AI solutions. Despite the stretched valuation, GLW stock scores a strong buy, with positive momentum and EPS revision. Growth catalysts include GenAI, optical connectivity products, TV screen display size growth, and GPF filters in automotive, with potential risks in valuation and shifts in market demand.
Corning's (GLW) shares surge as it anticipates second-quarter core sales to surpass earlier expectations on healthy demand trends.
Material science firm Corning (NYSE: GLW ) stock jumped after it raised second-quarter guidance. The maker of fiber optic cabling is now considered an artificial intelligence (AI) play.
Corning (GLW) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock suggests that there could be more strength down the road.
Corning and Super Micro were the S&P 500 index's top performers on Monday, while Chipotle was the biggest loser.
Malcolm Ethridge, CIC Wealth EVP, joins 'Power Lunch' to discuss stock plays for three stocks, including Intel, Corning and ServiceNow.
Corning said it expects Q2 sales of $3.6 billion, up from previous guidance of $3.4 billion. Q2 earnings are also expected to mark a return to year-over-year growth.
Josh Brown, CEO of Ritholtz Wealth Management, joins CNBC's "Halftime Report" to talk about Corning as it tops the S&P today.