Corning (NYSE:GLW) Soars on Revenue, EPS Guidance

Shares of Corning (NYSE:GLW) took off as the company raised their revenue and EPS estimate outlook.

Ticonderoga says, "Overall, Corning's revenue outlook is above our estimates and the Street and Corning benefits from a 15% tax rate versus the 20% the company discussed in early December that adds approximately $0.02 to EPS, by our calculations. Gross margin is expected to be slightly higher sequentially in 1Q11. Corning does not give a direct revenue and EPS outlook. For 1Q11, telecom sales are expected to be flat sequentially, while Environmental Technologies sales are expected to be flat. Specialty materials sales are expected to rise 20-25% sequentially on Gorilla glass, and Life Sciences is expected to rise slightly. Our estimates and price target are currently under review."

Ticonderoga reiterates a "Sell" rating on Corning (GLW), which closed Tuesday at $21.21, gaining $1.57, or 7.99 percent.