Markets
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Matt Phillips

Corning reports better-than-expected Q4 results

Glassmaker Corning, which saw its shares explode higher Tuesday after announcing an up to $6 billion deal to supply fiber-optic equipment for Meta AI data centers in coming years, issued its Q4 numbers before the start of trading Wednesday.

The company reported:

  • Non-GAAP core earnings per share of $0.72 vs. consensus expectations of $0.71 from analysts, according to FactSet.

  • Core sales of $4.41 billion vs. a $4.36 billion consensus estimate from analysts.

The company expects Q1 2026 core sales of $4.2 billion to $4.3 billion, compared to a consensus estimate of $4.26 billion from Wall Street, with core EPS between $0.66 and $0.70, the midpoint of which is a penny higher than the Street’s estimate of $0.67.

Investors traded the stock, which rose 16% on Tuesday after the Meta news, down 3.4% before markets opened. Through the end of Tuesday’s session, shares had nearly doubled over the last six months.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

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