NEW YORK (TheStreet) -- Corning (GLW) shares are up 2.3% to $21.50 on heavy trading volume Tuesday after the global technology company updated its current quarter LCD glass volume projections.
The company now expects to see single digit volume growth in demand after initially expecting to see flat to negative quarter to quarter volume. Part of the rise in demand is tied to Samsung's (SSNLF) agreement to use the company's Gorilla Glass 4 in its next generation Galaxy Alpha smartphone.
Analysts at Cantor Fitzgerald believe that if the company reaches its increased guidance it will add $65 million in revenue to the firm's $1.075 billion revenue forecast for the fourth quarter. The company announced its partnership with Samsung ahead of its presentation at Barclay's Global Technology Conference which began today in San Francisco and ends Thursday.
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Separately, the company's board declared a 12 cent per share quarterly dividend, a 20% increase from its previous dividend, while also authorizing a $1.5 billion share buyback program. The yield is payable March 31 to shareholders of record on February 27.
TheStreet Ratings team rates CORNING INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation: