Stock Track | Corning Plunges 5.11% in Pre-Market on JPMorgan Valuation Warning and Sector Weakness

Stock Track07-17 16:11

Corning's stock experienced a pre-market plunge of 5.11% on Friday, extending a recent period of significant selling pressure for the optical networking specialist.

The sharp decline followed a report that JPMorgan placed Corning on a "Negative Catalyst Watch" list ahead of its upcoming second-quarter earnings release. The bank cited elevated valuation as the primary reason for this action, noting that Corning's forward price-to-earnings ratio based on 2028 estimates already exceeds 30 times, implying an approximately 40x multiple for its optical communications business. JPMorgan maintained a neutral rating on the stock with a $200 price target.

Corning's drop was part of a broader sell-off in chip and optical networking stocks, as the artificial intelligence trade continued to lose momentum. Wall Street is questioning how long the AI spending boom can last, putting pressure on related technology sectors.

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