We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Corning (GLW) Stock Hits 52-Week High on Versalume Deal
Read MoreHide Full Article
Shares of technology company Corning (GLW - Free Report) hit a new 52-week high of $21.50 on Jul 12, eventually closing at $21.45. The company has returned 11.43% in the past one-year period and 17.34% year to date. Average volume of shares traded over the last three months was roughly 9,124K.
What is Driving Applied Corning?
Corning is primarily a developer of advanced glass substrates for multiple markets. With more than 160 years of experience, Corning has carved a niche for itself in the materials science segment and has attained significant expertise in specialty glass, ceramics and optical physics.
Currently, the company is developing new products such as glass substrates for high-performance displays and LCD applications, precision glass for advanced displays, and emission control products for cars, trucks and off-road vehicles among others. The company’s continued research and development has greatly expanded the uses of glass and made it the leader in this space.
The company gained momentum from the recent announcement that it has made an investment in the Silicon Valley start-up, Versalume LLC. The deal will work toward developing smart, integrated fiber lighting products and solutions using Corning Fibrance Light-Diffusing Fiber. Fibrance is an innovative optical fiber which can be bent, curved or wrapped around anything under the sun while maintaining uniform, bright and beautiful luminosity at all times. This deal creates significant value for the company and will increase the company’s market share.
In fact, Corning has teamed up with some of the best industrial designers, innovators and thought leaders in Silicon Valley and around the globe to explore new commercial opportunities using the Fibrance Light-Diffusing Fiber.
Corning’s strong revenue growth, solid financial conditions, increasing market share due to solid execution and strong long-term growth potential position it favorably. Also, the company’s aim to return value to customers through regular share repurchases and dividends is also quite encouraging.
Moreover, the stock delivered an average positive earnings surprise of nearly 2.24% over the trailing four quarters. This Zacks Rank #1 (Strong Buy) stock has a long-term expected earnings growth rate of 7.5%.
The company is expected to report second-quarter 2016 results on July 27.
Other Stocks to Consider
Some other well-placed stocks in the technology space include UTStarcom Holdings Corp. (UTSI - Free Report) , carrying a Zacks Rank #1, and Amkor Technology, Inc. (AMKR - Free Report) and Semiconductor Manufacturing International Corp. (SMI - Free Report) with a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Corning (GLW) Stock Hits 52-Week High on Versalume Deal
Shares of technology company Corning (GLW - Free Report) hit a new 52-week high of $21.50 on Jul 12, eventually closing at $21.45. The company has returned 11.43% in the past one-year period and 17.34% year to date. Average volume of shares traded over the last three months was roughly 9,124K.
What is Driving Applied Corning?
Corning is primarily a developer of advanced glass substrates for multiple markets. With more than 160 years of experience, Corning has carved a niche for itself in the materials science segment and has attained significant expertise in specialty glass, ceramics and optical physics.
Currently, the company is developing new products such as glass substrates for high-performance displays and LCD applications, precision glass for advanced displays, and emission control products for cars, trucks and off-road vehicles among others. The company’s continued research and development has greatly expanded the uses of glass and made it the leader in this space.
The company gained momentum from the recent announcement that it has made an investment in the Silicon Valley start-up, Versalume LLC. The deal will work toward developing smart, integrated fiber lighting products and solutions using Corning Fibrance Light-Diffusing Fiber. Fibrance is an innovative optical fiber which can be bent, curved or wrapped around anything under the sun while maintaining uniform, bright and beautiful luminosity at all times. This deal creates significant value for the company and will increase the company’s market share.
In fact, Corning has teamed up with some of the best industrial designers, innovators and thought leaders in Silicon Valley and around the globe to explore new commercial opportunities using the Fibrance Light-Diffusing Fiber.
Corning’s strong revenue growth, solid financial conditions, increasing market share due to solid execution and strong long-term growth potential position it favorably. Also, the company’s aim to return value to customers through regular share repurchases and dividends is also quite encouraging.
Moreover, the stock delivered an average positive earnings surprise of nearly 2.24% over the trailing four quarters. This Zacks Rank #1 (Strong Buy) stock has a long-term expected earnings growth rate of 7.5%.
The company is expected to report second-quarter 2016 results on July 27.
Other Stocks to Consider
Some other well-placed stocks in the technology space include UTStarcom Holdings Corp. (UTSI - Free Report) , carrying a Zacks Rank #1, and Amkor Technology, Inc. (AMKR - Free Report) and Semiconductor Manufacturing International Corp. (SMI - Free Report) with a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>