Corning Plunges 15% on July 28 Despite Beating Q2 Earnings, Pressures Photonics ETFs

According to Benzinga, Corning stock plunged 15% on July 28 despite beating second quarter earnings expectations, as weak guidance for the current quarter spooked investors. The company reported adjusted earnings per share of $0.78, beating Wall Street's $0.76 forecast, and revenue of $4.74 billion, exceeding the $4.61 billion estimate. However, Corning guided core revenue growth to 16%, or $4.9 to $5 billion, slightly below FactSet's $5 billion estimate.

The selloff rippled across the optical supply chain, with Lumentum Holdings, Marvell Technology, AXT, and Coherent all declining 8% to 12%. Three photonics-focused ETFs also took heavy hits: KraneShares Photonic & Optical ETF (LUMA) fell over 10%, while Tema Photonics & Optical ETF (LAZR) and Tuttle Capital Pure Play Photonics ETF (FOTO) dropped between 9% and 11%.