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Corning (GLW) Surges 5.9%: Is This an Indication of Further Gains?
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Corning (GLW - Free Report) shares soared 5.9% in the last trading session to close at $35.85. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.2% gain over the past four weeks.
Corning has recently inked a joint venture agreement with SGD Pharma to develop a new glass tubing facility in India. The collaboration is likely to expand pharmaceutical manufacturing capability in the subcontinent to facilitate faster and more efficient delivery of vital medicines. In addition, the collaboration will help SGD Pharma to adopt Corning’s Velocity Vial technology platform for the seamless transition to improved drug filling quality and performance standards.
The Velocity Vial technology platform offers easy access to pharma and biotech companies into Corning’s game-changing pharmaceutical packaging technology. It helps them enhance vial quality, improve filling-line productivity and accelerate the global delivery of injectable medicine. On the other hand, strategic partnerships with pharma firms enable Corning to extend its manufacturing footprint, localize its supply chains and support the purchase of Velocity Vials through a network of selling partners.
This specialty glass maker is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of -21.1%. Revenues are expected to be $3.47 billion, down 7.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Corning, the consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on GLW going forward to see if this recent jump can turn into more strength down the road.
Corning belongs to the Zacks Communication - Components industry. Another stock from the same industry, Harmonic (HLIT - Free Report) , closed the last trading session 1.8% higher at $17.99. Over the past month, HLIT has returned 5%.
Harmonic's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.13. Compared to the company's year-ago EPS, this represents a change of -18.8%. Harmonic currently boasts a Zacks Rank of #3 (Hold).
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Corning (GLW) Surges 5.9%: Is This an Indication of Further Gains?
Corning (GLW - Free Report) shares soared 5.9% in the last trading session to close at $35.85. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.2% gain over the past four weeks.
Corning has recently inked a joint venture agreement with SGD Pharma to develop a new glass tubing facility in India. The collaboration is likely to expand pharmaceutical manufacturing capability in the subcontinent to facilitate faster and more efficient delivery of vital medicines. In addition, the collaboration will help SGD Pharma to adopt Corning’s Velocity Vial technology platform for the seamless transition to improved drug filling quality and performance standards.
The Velocity Vial technology platform offers easy access to pharma and biotech companies into Corning’s game-changing pharmaceutical packaging technology. It helps them enhance vial quality, improve filling-line productivity and accelerate the global delivery of injectable medicine. On the other hand, strategic partnerships with pharma firms enable Corning to extend its manufacturing footprint, localize its supply chains and support the purchase of Velocity Vials through a network of selling partners.
This specialty glass maker is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of -21.1%. Revenues are expected to be $3.47 billion, down 7.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Corning, the consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on GLW going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Corning belongs to the Zacks Communication - Components industry. Another stock from the same industry, Harmonic (HLIT - Free Report) , closed the last trading session 1.8% higher at $17.99. Over the past month, HLIT has returned 5%.
Harmonic's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.13. Compared to the company's year-ago EPS, this represents a change of -18.8%. Harmonic currently boasts a Zacks Rank of #3 (Hold).