Overview
- Shares of Corning fell more than 8% on Wednesday as selling pressure extended a multi-week retreat from a June 30 peak.
- Company insiders, including CEO Wendell Weeks, sold more than $54 million of stock in recent weeks and insiders now hold roughly 0.25% of outstanding shares.
- Market scanners flagged a large institutional purchase of weekly put options the day before the sell-off, a move that traders interpret as hedging against or betting on downside ahead of Q2 results.
- Analysts expect Q2 core EPS of about $0.75–$0.76 and revenue near $4.6 billion, and the July 28 report is now the main near-term catalyst for the stock.
- The stock’s rally on AI-infrastructure demand pushed its trailing price-to-earnings ratio above 90x, raising concerns that factory ramp timing and hyperscaler contract execution must match high expectations to sustain the valuation.