Tech Stocks in Motion
Shares of Corning (GLW) rose after the company backed its earnings and sales forecast for the third quarter. The company reaffirmed its sales forecast of $950 million to $1 billion while saying that it was comfortable with its third-quarter earnings projection of 10 cents to 12 cents a share. Analysts are looking for earnings of 11 cents a share on sales of $974.4 million.
Corning also raised its estimate for fiber volumes, saying that it expects a 5% to 15% jump vs. second-quarter volume. Previously, it had warned that volumes would be 10% to 15% below second-quarter levels. "Unexpected strength" in the North American fiber market led to the reversal, the company said. Shares of Corning traded up 94 cents, or 9.3%, to $11.09.
Other technology volume leaders included Intel (INTC), up 45 cents to $20.17; Cisco (CSCO), up 62 cents to $19.93; Microsoft (MSFT), up 2 cents to $27.28; Oracle (ORCL), up 7 cents to $9.93; Sirius Satellite Radio (SIRI), unchanged at $2.71; and Lucent (LU), up 14 cents to $3.23.
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