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Corning Shares Fall On Q3 Guidance Cut

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Corning Shares Fall On Q3 Guidance Cut

Corning Incorporated (NYSE: GLW) shares are trading lower after the company cut its third-quarter display volume forecast to a quarter-over-quarter decline of high single digit percent.

The company cited "several panel manufacturing customers have reduced utilization below anticipated levels in the current quarter."

Corning expects third-quarter prices to be flat with the second quarter, and full year glass prices to decline at a low-to-mid single digit percentage.

Corning said for 2019, the company forecasts Optical Communications sales will decline by 3% to 5%, versus its prior expectation of a low-to-mid-single digit percentage increase.

Corning shares were trading down 9.6% at $27.15 in Tuesday’s pre-market session. The stock has a 52-week range between $36.56 and $26.78.

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