Corning and other significant updates for Q2 guidance, shares jump

by / ⠀Investments News Stocks / July 10, 2024
Shares Jump

Corning Incorporated saw its shares jump 9.4% to $42.05 on Monday after the company increased its second-quarter forecast. Corning stated it projects core sales to be approximately $3.6 billion, surpassing the consensus of $3.41 billion and the previous guidance of $3.4 billion. Core EPS is expected to reach the high end of, or slightly exceed, the management’s guided range of $0.42 to $0.46, compared to the estimate of $0.45.

Other significant stock movements on this week

Other significant stock movements on Monday included Morphic Holding, Inc., which gained 75% to $55.72 after Eli Lilly agreed to buy the company for $57 per share in cash. Nikola Corporation climbed 18.5% to $10.65, while Grifols, S.A. rose 17.2% to $8.24 after Brookfield confirmed exploratory discussions with certain shareholders regarding a potential joint offer for Grifols’ shares. Pulse Biosciences, Inc. jumped 17.2% to $14.13 after receiving the Breakthrough Device Designation from the FDA for its Cardiac Surgery System for treating atrial fibrillation. Newegg Commerce, Inc. gained 16% to $1.23 following the presale launch for its tenth annual FantasTech Sales event.

NANO Nuclear Energy Inc. shares rose 12.3% to $31.89 after a significant surge on Friday. IDEAYA Biosciences, Inc. climbed 12.1% to $38.41 after reporting interim Phase 2 monotherapy expansion data for IDE397 in MTAP-deletion urothelial and lung cancer.

Corning surpasses Q2 sales forecast

Mizuho also initiated coverage with an Outperform rating.

Absci Corporation rose 12% to $3.55, while SolarEdge Technologies, Inc. gained 11.3% to $27.88 after B of A Securities upgraded the stock from Underperform to Neutral. Polestar Automotive Holding UK PLC rose 11% to $1.08, and Super Micro Computer, Inc. gained 6.5% to $902.31. Fluence Energy, Inc. gained 6.2% to $17.61, and Lucid Group, Inc. climbed 4.7% to $3.06 after reporting second-quarter production and deliveries. Tandem Diabetes Care, Inc. rose 4.7% to $42.33. In comparison, Paramount Global climbed 4.6% to $21.41 after inking a definitive agreement with Skydance Media to create a new entity, “New Paramount,” in a $28 billion merger deal.

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Intel Corporation rose 3.8% to $33.26 after noting it has bypassed Vietnam for a substantial investment project due to insufficient investment incentives. Rivian Automotive, Inc. gained 3.8% to $15.35.

This upward trend is indicative of growing investor confidence and a positive market outlook as several companies report promising developments and strategic moves.

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