Corning Stock Pops On 5G Optical Fiber Growth As Apple Business Slows
Summary
Corning stock popped on Tuesday after the company reported better-than-expected growth in its optical fiber wiring unit owing to the build-out of 5G wireless networks, offsetting slower demand for glass products from iPhone maker Apple ( AAPL ). XThe Corning, N.Y.-based company is expected to benefit from Verizon s ( VZ ) plan, announced Tuesday, to boost 2019 capital spending by at least 5%. Verizon is expanding its 5G networks, and Corning has a deal with the telecom giant to supply $1 billion in optical fiber wiring. While Corning is a supplier of glass screen covers to Apple, the company also makes products for a host of electronics, communications and industrial customers. "Metro deployment of Cornings optical fibers serves as early and foundational spending for 5G," Raymond James analyst Simon Leopold said in a report to clients.
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