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Corning (GLW) Stock Sinks As Market Gains: What You Should Know

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Corning (GLW) closed at $35.84 in the latest trading session, marking a -0.14% move from the prior day. This move lagged the S&P 500's daily gain of 0.95%. At the same time, the Dow added 0.8%, and the tech-heavy Nasdaq lost 0.25%.

Coming into today, shares of the specialty glass maker had gained 0.36% in the past month. In that same time, the Computer and Technology sector lost 0.21%, while the S&P 500 gained 0.1%.

Corning will be looking to display strength as it nears its next earnings release. On that day, Corning is projected to report earnings of $0.56 per share, which would represent year-over-year growth of 5.66%. Meanwhile, our latest consensus estimate is calling for revenue of $3.79 billion, up 8.19% from the prior-year quarter.

For the full year, our Zacks Consensus Estimates are projecting earnings of $2.36 per share and revenue of $15.37 billion, which would represent changes of +14.01% and +8.87%, respectively, from the prior year.

Any recent changes to analyst estimates for Corning should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Corning is currently sporting a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Corning has a Forward P/E ratio of 15.18 right now. This valuation marks a discount compared to its industry's average Forward P/E of 17.22.

Investors should also note that GLW has a PEG ratio of 2.44 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Communication - Components was holding an average PEG ratio of 1.83 at yesterday's closing price.

The Communication - Components industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 98, which puts it in the top 39% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.


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