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Corning Rises Preopen on Earnings Ahead of Estimates

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Corning (GLW) - Get Corning Inc Report was up 6% in preopen Instinet trading after the company posted earnings of 29 cents a share, excluding charges, beating analysts' estimates by 11 cents.

The world's largest maker of fiber-optic cable earned 17 cents a share in the same period last year.

Including $4.8 billion for impairment of goodwill and other charges, the company posted a net loss of $5.13 a share. Sales for the quarter totaled $1.9 billion, up 5% from the year earlier.

The company said the market was likely to remain weak for the rest of the year, adding that declines in second-quarter sales were offset by gains in China.

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