Corning (GLW) Soars 10.8%: Is Further Upside Left in the Stock?

Corning (GLW) shares rallied 10.8% in the last trading session to close at $228.01. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 7.8% gain over the past four weeks.The uptrend was largely buoyed by secular demand for bandwidth, cloud computing and AI infrastructure. In addition, Corning continues to strengthen its competitive position through innovation across optical connectivity, advanced glass and semiconductor applications. The company recently launched Gorilla Glass Ceramic 3 and continues to see opportunities for advanced optics products tied to AI-driven data center build-outs and semiconductor manufacturing demand. Corning is also expanding its GenAI optical portfolio with multicore fiber and high-density connectivity solutions that improve network capacity and reduce installation complexity. Management expects demand for these products to support continued growth in enterprise networking, semiconductors and premium consumer electronics markets over the long term.This specialty glass maker is expected to post quarterly earnings of $0.77 per share in its upcoming report, which represents a year-over-year change of +28.3%. Revenues are expected to be $4.61 billion, up 14% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Corning, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on GLW going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Corning is part of the Zacks Communication - Components industry. Harmonic (HLIT), another stock in the same industry, closed the last trading session 2.1% higher at $14.85. HLIT has returned -15% in the past month.Harmonic's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.17. Compared to the company's year-ago EPS, this represents a change of +88.9%. Harmonic currently boasts a Zacks Rank of #2 (Buy).Beyond Nvidia: AI's Second Wave Is HereThe AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.See Stocks Now >>This article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks