BUZZERS OF TECH SECTOR: Corning Incorporated (NYSE:GLW), NXP Semiconductors NV (NASDAQ:NXPI), Wipro Limited (ADR) (NYSE:WIT) | BNinvestors

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Corning Incorporated (NYSE:GLW)

Shares of  Corning Incorporated (NYSE:GLW) dipped -2.32% and closed at $18.09 in the last trading session. The last trading range of the stock ranges between $18.07and $18.32.

Corning (GLW) stock was downgraded to neutral from overweight at JPMorgan on Thursday. The firm lowered its price target on the stock to $18 from $20.

The firm downgraded Corning over a weak macroeconomic environment that is driving lower-than-predictable TV shipments.

The Corning, NY-based company manufactures keystone components that enable systems for consumer electronics, mobile emissions control, optical communications and life sciences.

LCD TV shipments are predictable to decline 2% year-over-year in 2016, contrast to a 7% year-over-year improvement in 2015, JPMorgan added.

By the end of next year, depending on the macro situation, we believe consumer demand for 4K TVs is likely to be strong, JPMorgan said. However, with China and Europe flagging and the U.S. not looking particularly strong either we suspect that investors can wait longer before deciding to own stocks exposed to 4K penetration growth.

NXP Semiconductors NV (NASDAQ:NXPI)

NXP Semiconductors NV (NASDAQ:NXPI) dipped -1.56% and closed at $84.58 in the last trading session. The last trading range of the stock ranges between $ 84.52 and $87.72. The company’s Market capitalization is $21.63B with the total Outstanding Shares of 230.84M.

Girlstart, the nonprofit that inspires girls’ interest and engagement in science, technology, engineering and math (STEM), declared it will be the sole beneficiary of funds raised by NXP (formerly Freescale) during the 2016 Austin Marathon and Half Marathon, presented by NXP (Feb. 14, 2016). The proceeds will assist support Girlstart’s innovative, nationally recognized STEM education programs, such as Girlstart After School, and enable the organization to bring high-quality STEM education to thousands of fourth and fifth-grade girls in Central Texas and communities nationwide.

As the presenting sponsor of the 2016 Austin Marathon and Half Marathon, NXP’s mission is to work with organizations like Girlstart to further inspire students to pursue careers in STEM fields, in addition to foster well-rounded life capabilities counting self-confidence, communication, and leadership.

“We are excited and humbled to partner with NXP and the Austin Marathon,” said Tamara Hudgins, Ph.D., executive director of Girlstart. “Our mission is to inspire young women and get them interested in STEM careers. Thanks to partnerships like NXP, we will be able to continue to expand our reach to thousands of girls in 2016.”

Wipro Limited (ADR) (NYSE:WIT)

Shares of Wipro Limited (ADR) (NYSE:WIT), ended its last trade with -2.17% loss, and closed at $11.71. The Average Volume of the company is at 749,836 shares with the Outstanding Shares of 2.47B. The Earnings per Share of the company stands at $0.54.

Wipro Limited (NYSE: WIT), a leading global information technology, consulting and business process services company recently offered a business update on its Chennai Operations.

The recent heavy rainfall and resultant flooding influenced the regular business operations of Wipro’s Chennai facilities during the first week of December. Business continuity plans were invoked for the work being done from our facilities to ensure there was no disruption in the business-critical operations of our customers.

Wipro has multiple facilities in Chennai with over 22,000 employees. Wipro has been focused on ensuring the safety of its employees and their families and has rolled out multiple employee support initiatives to mitigate their hardship during this period. Wipro deeply appreciates the efforts of its employees in Chennai for their tremendous enthusiasm and dedication to honour customer commitments in a very challenging environment.

Wipro Cares, the community initiatives arm of Wipro has partnered with multiple social organizations to provide immediate relief efforts in Chennai through the supply of food grains, clothing, primary healthcare and medicines to flood-affected communities. Wipro will continue to monitor the situation and review the need for further support to relief operations.

Wipro has largely seen the restoration of normal operations in Chennai facilities. Wipro has adequate insurance coverage and is in touch with the insurance companies to assess the damage and the claim will be subject to policy terms.

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About Travis Garlick 1768 Articles
Been writing about and trading stocks since 2013. Manage a group of micro-cap investors on Facebook with over 15,000 members. Turned $8,500 into 185k the first year I started trading stocks and haven't looked back.