Corning (NYSE:GLW) Fiscal Fourth Quarter Net Tumbles on Higher Charges – GLW, PPG, TEL, BDX

Corning Incorporated (NYSE:GLW) reported that fiscal Q4 earnings moved down 42% as the company booked higher charges linked to revamping, impairment and special items, which masked a boost in revenue.

The television-screen glass maker announced that profit in the three months period finished Dec 31 was $283 million or 19 cents per share, low from $491 million or 31 cents per share in previous year.

Earnings per share moved up to 34 cents, without charges linked with asbestos liability, restructuring and other items, from 33 cents. Revenue moved up 14% to $2.15 billion.

Thomson Reuters analysts survey were recently projecting a profit of 32 cents per share on sales of $2.07 billion.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. PPG Industries, Inc. (NYSE:PPG) rose +0.76% to settle at $141.06, TE Connectivity Ltd. (NYSE:TEL) moved down -0.49% to end at $38.95 while Becton, Dickinson and Co. (NYSE:BDX) jumped +0.26% to finish at $84.28 on Tuesday.

Corning Incorporated (NYSE:GLW) on Jan 29, 2013 increased +0.66% to the closing price of $12.23. The overall volume in the last trading session was 24.36 million shares. Its fifty two weeks range was $10.62 – $14.58. The total market capitalization remained at $18.07 billion.

GLW is ahead of its 52-week low with 16.81% and lagging behind from its 52-week high price with -14.38%. GLW’s last month’s stock price volatility remained 2.05%. In its share capital GLW has 1.48 billion outstanding shares, among them 1.47 billion shares have been floated in market exchange. GLW’s stock’s institutional ownership remained 75.14% while insider ownership included 0.07%.

The stock price of GLW is moving down from its 20 days moving average with -1.84% and remote negatively from 50 days moving average with -0.34%. GLW’s current year’s earnings per share experienced a downfall of -21.26% while its current quarter performance remained at 1.49%. Company’s beta coefficient included 1.44. Beta factors measure the amount of market risk associated with market trade.

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