Shares of Corning Inc. (NYS:GLW) rallied 2.1% in premarket trading Wednesday, after the maker of glass and ceramics for use in technology equipment provided an upbeat sales outlook. The company said it expects third-quarter sales to grow by a "low-teen percentage" from the sequential second quarter, while the current FactSet sales consensus of $2.78 billion implies 7.3% sequential growth. Corning said it expects profitability growth to outpace sales growth, as a result of cost-control efforts, and said it remains on track for positive free cash flow for the year. The stock has gained 9.1% year to date through Tuesday, while the S&P 500 (S&P:SPX) has tacked on 3.1%.
Sept. 9, 2020, 7:30 a.m. EDT