On July 20, Corning rose 3.41% in regular trading, trading at $159.35/share, with turnover of $194 million. The stock bounced alongside the broader optical communications sector after a steep recent selloff.

On the news front, TSMC's Chief Financial Officer stated that the downstream chip market continues to see a multi-year super demand wave, with long-term structural demand in AI exploding, lifting sentiment across the semiconductor and optical communications supply chain. UBS also published a forward-looking report expressing optimism on optical communications sector momentum. The broader sector rallied in tandem, with Lumentum up nearly 3%, Credo up over 2%, and Coherent up over 1%.

Corning had come under significant pressure after JPMorgan placed it on its negative catalyst watch list ahead of Q2 earnings, citing elevated valuations rather than fundamental concerns. The stock had fallen approximately 38% from its late-June all-time high. Corning is scheduled to report Q2 results on July 28 before market open, with consensus expecting adjusted EPS of $0.76.

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