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).
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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 >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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