Finally Gorilla Glass has its Day
Corning Inc. (GLW) had its day in the sun today and finally made a few believes on Wall Street. The stock finshed up 6.8% to $12.13
Recall in the summer when we wrote 3 Stocks going Shining Style on Shareholders (NFLX, GLW, XRX). Corning proved its weight in Gorilla Glass today when the company upped its guidance for Q4.
"We believe Corning Gorilla Glass, now on more than 1 billion devices in the market worldwide, could achieve $1 billion in sales this year...
Revised expectations for Cornings Specialty Materials segment and its key driver, Corning Gorilla Glass sales. Fourth-quarter segment sales are expected to increase by about 5% over a record third-quarter performance, driven by numerous new consumer electronics product introductions and increased supply chain demand. Gorilla Glass sales remain very strong. Our Specialty Materials segment year-over-year sales, driven by the strength of Gorilla Glass, are expected to be up approximately 60% this quarter."
The market responded very positive to Corning which has been a roller coaster ride since summer. After a double-bottom in GLW shares, it could be headed higher into 2013.
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