Corning Reports Better-Than-Expected 2Q Results; Maintaining $26 FVE; Shares Overvalued
Corning had another solid quarter with the top and bottom lines coming in above expectations. The second quarter's strength in revenue was driven mainly by growth in the optical and specialty materials segments, both of which are expected to continue their double-digit year-over-year growth in the third quarter. We still believe Corning will benefit mainly from customers expanding their data center network capacity, which should accelerate growth in the optical segment, as well as from the wider...Corning is a provider of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; optical materials for the semiconductor industry and the scientific community; and other technologies. The company reportable segments are: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials and Life Sciences.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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