Why Corning Stock Topped the Market on Tuesday
The storied industrials company just signed a multi-billion-dollar deal with a famous telecom.
Overview
A major deal with a top name in the telecom sphere propelled Corning (NYSE: GLW) stock to a solid gain on Tuesday. The arrangement will see the company, an important supplier of fiber-optic cable, provide its wares to the client for years. Corning's shares closed the day nearly 5% higher after the news, contrasting favorably with the S&P 500 index's 0.2% dip.
The deal was revealed by Corning's counterparty, AT&T, in a press release published before market open. The telecom giant announced that it and Corning have entered into a multiyear supply arrangement for fiber optic cable materials valued at over $3 billion. It did not get more specific about the contract's value or length.
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Originally published at www.fool.com.