KTRV Fox 12 Corning stock jumps on plans for China
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ROCHESTER, N.Y. (AP) - Shares of Corning Inc. jumped nearly 8 percent Thursday, a day after the world's largest maker of liquid-crystal-display glass said it will build an $800 million factory in China.
The company said Wednesday that demand for LCD glass in flat-screen televisions and computers could be at the high end of its previous forecast of 2.9 billion to 3.1 billion square feet in 2010. It also boosted its capital-spending forecast to about $1.2 billion from $1 billion and expects an even-bigger outlay in 2011.
Citing strong market demand, Corning said it plans to break ground in September on the LCD glass plant in Beijing and start operations in the first half of 2012.
Corning shares rose $1.30, or 7.7 percent, to close Thursday at $18.15. They have traded in a range of $14.14 to $21.10 over the past 52 weeks.
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