Corning Rises After Gorilla Glassmaker Boosts Forecast
Corning Inc. (GLW), the world’s largest maker of glass for flat-panel televisions, rose the most in seven months after forecasting stronger-than-expected retail demand for consumer electronics this quarter.
The shares gained 6.9 percent to $12.13 at the close in New York, for the biggest one-day gain since April 25. The stock had dropped 13 percent this year through yesterday, dragged down by concern that demand for liquid-crystal displays -- used in everything from mobile phones to big-screen televisions -- was slowing.
Corning, which makes the glass used in Apple Inc. (AAPL) and Samsung Electronics Co. devices, cited stronger TV sales in North America and higher demand from the Chinese market ahead of that nation’s New Year holiday. The Corning, New York-based company said it now expects its Gorilla Glass product line to generate about $1 billion this year.
“This announcement shows to people that there is some growth left in the LCD glass business,” said Steven Fox, an analyst with Cross Research in Livingston, New Jersey. “Apple is obviously a big customer, but it’s beyond that.”
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