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Technology Stocks : Corning Incorporated (GLW)
GLW 38.75+4.0%Jun 17 4:00 PM EDT

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From: Asymmetric12/9/2014 11:32:47 PM
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Corning Rises On Upbeat LCD Glass Forecast
By Teresa Rivas / Barrons / Dec 9, 2014

Corning (GLW) shares were trading higher Tuesday on its optimistic outlook for fourth-quarter LCD glass volumes.

Speaking at ahead of an industry conference, Lisa Ferrero, head of the firm’s display technologies business, said that Corning expects global shipments for LCD glass in the low-single digits for the current quarter, up from previous guidance for a small decline, thanks in part to consumers’ strong appetite for TVs.

Ferrero also noted that Corning is anticipating declines in pricing to moderate next year.

Cantor Fitzgerald’s Brian White reiterated a Hold rating on the stock, but noted that Corning’s guidance is in-line with TV demand he found during the Black Friday weekend.

From his note:

For Corning’s Display business, the company expects 4Q:14 LCD glass to increase by a low-single-digit percentage QoQ and better than prior expectations for flat to down QoQ (we are projecting down 1%), while pricing (we are modeling down 3%) to moderate even more than expected in 4Q:14. Relative to our 4Q:14 model, we believe this updated LCD glass outlook can add approximately $65 million to our $1.075 billion Display sales forecast and $0.02 in total EPS upside. Display contributed 42% of Corning’s 3Q:14 sales and the core contributor of profits; however, the company provided no updates around the remainder of its business segments.

S&P Capital IQ’s Angelo Zino also reiterated a Hold rating on the stock: “GLW states that it now expects Q4 LCD glass market demand to increase sequentially in the low-single digits percentage range versus previous expectations for a slight decline. GLW also anticipates Q4 glass price declines to be more moderate than anticipated at the start of the quarter and shipments to be up in line with its market growth expectation. We believe supply conditions remain tight, driven by increasing screen size and shipments within the TV space. Heading into 2015, we remain optimistic about pricing/shipment trends but expect visibility to remain limited.”

The shares were up 2.3% at recent check.

Samsung to use Corning's new ultra-thin Gorilla Glass in next-gen phone

By Jennifer Booton / Reporter - (MarketWatch)
Published: Dec 9, 2014 9:02 a.m. ET

Samsung agreed to start using a new ultra-thin Corning Gorilla Glass in its newest-generation smartphone, the Galaxy Alpha. The glass, at just 0.4 millimeters thick, is the fourth-generation Gorilla Glass offered by Corning, bringing the total size of the Alpha to 7 mm. Corning says the new glass is the most damage-resistant cover glass in its pipeline, capable of dramatically improving screen protection when devices are dropped. The Alpha was initially announced in August with Corning's third-generation Gorilla Glass. Strong and thin screens have become an increasingly important feature for smartphone manufacturers. Consumers were disappointed when Apple bypassed GT Advanced Technologies' ultra-tough Sapphire glass in its new iPhone 6 this past September due to a production disagreement. Despite a broader selloff in the tech sector, shares of Samsung were up 2.5% recently. Those of Corning fell 1.7% premarket.

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