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Strength Seen in Corning (GLW): Can Its 8.4% Jump Turn into More Strength?
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Corning (GLW - Free Report) shares rallied 8.4% in the last trading session to close at $142.01. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.8% loss over the past four weeks.
Corning is benefiting from healthy traction in the consumer electronics and AI data center market. Growing collaboration with major smartphone manufacturers such as Apple and Samsung bodes well for sustainable growth. The growing adoption of innovative optical connectivity products for generative AI applications is expected to be a key growth driver in the Optical Communication segment. Its U.S.-made solar products are also gaining solid market traction. These factors have instilled investor optimism, which probably propelled the share price appreciation.
This specialty glass maker is expected to post quarterly earnings of $0.68 per share in its upcoming report, which represents a year-over-year change of +25.9%. Revenues are expected to be $4.19 billion, up 13.8% 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 marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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 is part of the Zacks Communication - Components industry. NETGEAR, Inc. (NTGR - Free Report) , another stock in the same industry, closed the last trading session 10.9% higher at $24.46. NTGR has returned 9.5% in the past month.
NETGEAR's consensus EPS estimate for the upcoming report has changed -30.1% over the past month to -$0.08. Compared to the company's year-ago EPS, this represents a change of -500%. NETGEAR currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Corning (GLW): Can Its 8.4% Jump Turn into More Strength?
Corning (GLW - Free Report) shares rallied 8.4% in the last trading session to close at $142.01. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.8% loss over the past four weeks.
Corning is benefiting from healthy traction in the consumer electronics and AI data center market. Growing collaboration with major smartphone manufacturers such as Apple and Samsung bodes well for sustainable growth. The growing adoption of innovative optical connectivity products for generative AI applications is expected to be a key growth driver in the Optical Communication segment. Its U.S.-made solar products are also gaining solid market traction. These factors have instilled investor optimism, which probably propelled the share price appreciation.
This specialty glass maker is expected to post quarterly earnings of $0.68 per share in its upcoming report, which represents a year-over-year change of +25.9%. Revenues are expected to be $4.19 billion, up 13.8% 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 marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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 is part of the Zacks Communication - Components industry. NETGEAR, Inc. (NTGR - Free Report) , another stock in the same industry, closed the last trading session 10.9% higher at $24.46. NTGR has returned 9.5% in the past month.
NETGEAR's consensus EPS estimate for the upcoming report has changed -30.1% over the past month to -$0.08. Compared to the company's year-ago EPS, this represents a change of -500%. NETGEAR currently boasts a Zacks Rank of #3 (Hold).