Corning shares have fallen about 51% from their June 29 record of $255.69 to roughly $125, even though second-quarter core earnings per share rose 30% and management forecast around 28% growth in the third quarter. The article attributes much of the decline to a rally that ran ahead of the business, following a Nvidia partnership and an Amazon supply deal, along with an agreement to issue up to $2 billion in new shares. Optical communications sales rose 32% to $2.07 billion in Q2, about 44% of total sales and the main driver of core sales growth. At the current price, the stock trades at about 44 times adjusted earnings over the past four quarters and about 29 times analysts' 2027 consensus estimate, under half its June peak P/E. The author sees the sell-off as making the stock worth a closer look, while flagging risks from reliance on AI data center spending by a few tech giants and possible dilution from share issuance.
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