This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Corning Glows Brighter

Corning's (GLW - Get Report) outlook for the fourth quarter brightened on strong flat-panel glass sales.

The Corning, N.Y., tech glassmaker raised its adjusted earnings target to 39 cents a share, up 2 cents from prior guidance. Analysts were looking for pro forma earnings of 37 cents a share, according to Yahoo! Finance.

Sales for the quarter ending next month are now expected to be about $1.54 billion, which is more than the $1.52 billion Corning previously expected. Analysts were looking for sales of $1.55 billion.

"The increase in sales and EPS guidance reflects strong October results, November orders and operating performance in our Display Technologies business," COO Pete Volanakis said in a press release.

Corning now expects the stronger sales should widen gross margins to somewhere between 48% and 49%, above the prior target of 47% to 48%. And sales volume of liquid crystal display or LCD glass used in flat TVs and computer monitors is now expected to hit the top of the previous guidance range of 2% to 5%.

"Our display business is running at full capacity and manufacturing performance in October was outstanding. If the recent strength in the Japanese yen continues for the rest of the quarter, the company should be able to meet the upper end of its revised EPS guidance," Volanakis continued in the release.

The surge in fourth-quarter sales will help ease concerns among tech investors who have seen the spread of the credit crunch impact other areas like Cisco's (CSCO - Get Report) gear sales to big banks and even EchoStar's (DISH - Get Report) subscriber growth.

Corning shares jumped 90 cents, or 4%, to $22.30 in premarket trading Tuesday.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CSCO $27.32 0.00%
DISH $63.07 0.00%
GLW $18.76 0.00%
AAPL $117.81 0.00%
FB $105.45 0.00%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs