Corning, Inc (NYSE: GLW)
On Tuesday before the market opened, Corning the maker of specialty glass and ceramic products, reported financial results for the fourth quarter and full fiscal year 2015. Both revenue and earnings exceeded consensus estimates sending the stock up 5.7% to $17.71. For the fourth quarter, Corning reported core revenue of $2.4 billion, beating consensus estimate of $2.32 billion, and earnings of 34 cents per share versus consensus forecast of 31 cents per share. For the full fiscal year the company reported core revenue or $9.8 billion and core earnings of $1.40 per share.
Corning CEO Comments
“Our fourth-quarter performance was in line with our expectations,” Wendell P. Weeks, chairman, chief executive officer and president, said. “Our long-term supply contracts and effective pricing strategies in our Corning Glass Technologies businesses continue to be particularly beneficial, and technology trends in optical communications continue to drive growth. We were especially pleased to mark several major successes right out of the gate on our new strategy and capital allocation framework which outlines our priorities for the next four years: to focus our portfolio and utilize our financial strength,” Yahoo Finance
GLW Technical Analysis
Corning stock put in its 52-week high of $25.16 exactly one year ago in response to the company’s 2014 financial results. The stock then began an 8-month downtrend, finding a bottom at $15.42 in August, and trading in a choppy range between $16 and $19 per share ever since. On Tuesday, traders were bullish, buying GLW for 3 hours without a pullback, before finally reaching highs of $18.05, a level that also corresponds with the 50-day moving average. For a possible long trade, I will watch for a bullish market and early strength that keeps GLW above pre-market highs and the 9-day and 20-day moving averages. If buyers are in control, I will watch price action near resistance levels of $17.80, $18.05 and the December 31 gap fill at $18.28. A bearish market and or weakness in GLW price action could see support near $17.20, $16.60 and $16.13.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company creates and makes keystone components that enable systems for consumer electronics, mobile emissions control, optical communications and life sciences. Corning operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide more than 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products. The Company manufactures and processes products at approximately 90 plants in 17 countries. Google Finance