Shares of Corning Inc. rose on Monday after Truist Securities upgraded the optical networking and specialty glass maker to Buy from Hold, arguing that the stock's steep decline in July has created a more attractive entry point for investors. Corning shares GLW gained 5.6% to $146.12 on Monday after closing 2.2% higher on Friday.
Corning stock declined 46% in July. Wall Street sees a buying opportunity.
Corning stock is undergoing sharp weakness. Here's an options strategy that could serve as an attractive way to still profit.
CNBC's Jim Cramer urged investors to take profits as stocks go parabolic, saying those explosive rallies often unravel just as quickly once momentum fades. He pointed to Arm Holdings and Corning, which his Charitable Trust trimmed to protect gains before recent pullbacks.
Shares of Corning fell after the company reported second-quarter earnings, dragging down other optical component names in the AI space. The stock was on pace for its worst day since July 30, 2002.
Corning stock plunged by over 12% in the premarket session after the company published the latest earnings report. GLW dropped by 12% to $122.92, its lowest level since March 9 this year.
Corning logged higher profit and sales in the second quarter that was driven by demand for its artificial-intelligence optical products.