Corning Incorporated (NYSE:GLW) was among the stocks on Jim Cramer’s radar on Mad Money as he discussed the upcoming earnings. Cramer expects to hear more about the company’s “multi-billion dollar contracts,” as he said:
We’ve got an important analyst meeting on Wednesday. It’s Corning, the glass and fiber company. They could talk more about the multi-billion dollar contracts that they’ve been winning in the, do I even have to say it anymore, data center. Could it move the stock? I sure hope so. We own it for the Charitable Trust.
A technical stock market chart. Photo by Energepic from Pexels
Corning Incorporated (NYSE:GLW) develops optical fiber, cables, and related hardware for telecommunications, and produces glass substrates for displays used in TVs, computers, and mobile devices. Cramer noted the stock’s “Icarus moment” during the April 28 episode. He said:
Let’s go back to the rain metaphor for a moment, though. We’re on the cusp of the big four tech earnings, Amazon, Alphabet, Meta, and Microsoft, and that could all disappoint if this article has substance. Honestly, that’s exactly what this market may need, though. We need a shakeout of the fair-weather soldiers and the fair-weather shareholders, and we actually need to have some shorts built in. That’s what rain does. That’s how our market can continue. Otherwise, it will go bubbleicious. We’re also seeing a host of other stocks that have gone parabolic, Arm Holdings, which we own for the Trust, Dell, AMD, which I wish we owned for the Trust, and Corning, which reported this very morning.
These stocks had threatened to touch the sun. Corning flew too close and had its Icarus moment today, tumbling nearly 9%. I told members of the Investing Club that it didn’t really matter what Corning said because its stock had gone parabolic, running so much that disappointment was indeed inevitable. It didn’t matter if the company announced two huge clients, something that would’ve normally sent the stock barreling into the sun. Instead, it reacted to the rain and got clubbed. I say, good. Corning needed that, too. Even though my Trust owns it, it’s what we needed to see.
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