By Maria Armental
Corning Inc. has approved spending up to an additional $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 authorization adds to the company's current share buyback
plan, also set to expire at the end of 2016.
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 1.5% to $19.35 in late
trading.
Write to Maria Armental at maria.armental@wsj.com
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