By Maria Armental
Corning Inc. has approved spending up to $2 billion to buy back
stock through the end of 2016, saying it believes the company's
value is greater than its share price reflects.
The maker of specialty-glass products, including scratch- and
crack-resistant Gorilla Glass which was instrumental in the
development of the original iPhone, makes most of its money from
the volatile TV-display business.
In the March quarter, the most recent results available, the New
York company reported profit rose 35% with core sales increasing 4%
to $2.43 billion.
Since October of 2011, Corning's board has approved five
separate share repurchase programs for a combined total of $9
billion.
Shares, down nearly 17% this year, rose 1.3% to $19.30 in late
trading.
Write to Maria Armental at maria.armental@wsj.com
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