Corning's Optical Segment Soars 36% on Multibillion Amazon Deal, New Fabs Planned
GLW has more than doubled off its 52-week low of $49.47.
Summary
Corning has secured a multibillion-dollar, multi-year deal to supply optical fiber and cable to Amazon's U.S. data centers. This follows the initial announcement of the Amazon deal on June 8th, adding crucial details about its impact. The company's Optical Communications segment drove 36% revenue growth year-over-year and achieved 410 basis points of operating margin expansion. To meet demand, Corning plans three new fabs and expansions in North Carolina, creating approximately 1,000 manufacturing jobs.
At the time of this announcement, GLW was trading at $172.07 on NYSE in the Manufacturing sector, with a market capitalization of approximately $149.7B. The 52-week trading range was $49.47 to $211.79. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.