Stock Market Today: Corning and National Oilwell Varco Post Big Gains

What you need to know about today's stock market.

Apr 28, 2014 at 9:00AM

Investors can expect a positive start to the stock market today, as the Dow Jones Industrial Average (DJINDICES:^DJI) has gained 48 points in pre-market trading. Wall Street could follow global markets higher today: European stocks were up by a solid 0.8% as of 7:30 a.m EDT.

Meanwhile, earnings season continues to give investors a torrent of fresh information to digest. Corning (NYSE:GLW) and National Oilwell Varco (NYSE:NOV) both reported first-quarter results before the opening bell this morning and are on the move in pre-market trading.

Market movers
National Oilwell Varco booked first-quarter earnings today that broadly matched analysts' expectations. The oil and gas industry services company's revenue rose by 9% to $5.78 billion, while profit climbed to $1.37 a share from last year's $1.17. Wall Street had been looking for sales of $5.8 billion and earnings of $1.38 a share. NOV's rig technology business led the way higher this quarter, posting a 14% rise in revenue. Backlog for that unit also hit an all-time high of over $16 billion, up 27% from the same period last year. CEO Clay Williams said in a press release accompanying the results that demand for oil-field equipment remained high in the quarter, and that the company was "encouraged" to see a boost in activity from land drilling and well service firms. NOV is also looking forward to spinning off its distribution business sometime in the current quarter. The stock was down 0.7% in pre-market trading.

Glw Lotus Glass

Corning's Lotus glass. Image source: Corning.

Corning said this morning that first-quarter sales jumped by 26% to hit $2.3 billion. Even better news for shareholders, though, was the company's $0.31 a share in profit, which was slightly ahead of expectations and represented Corning's sixth-consecutive quarter of per-share earnings growth. The main driver behind the sales boost this time for the maker of glass and other materials was a jump in its display technologies business. That unit booked a 58% revenue spike after being consolidated with another business line.

As expected, profit was dragged down again this quarter by a big drop in LCD prices. In fact, those priced fell harder than they had in recent quarters. However, CFO James Flaws sounded a positive note about the outlook. He said in a press release that LCD prices should firm up in the quarters ahead, helping the company book "improved results throughout the year." Corning's stock was up 3.2% in pre-market trading.

Profit from this technology
Yes, Corning has played a big role in some of Apple's latest hit products. But if you thought the iPod, the iPhone, and the iPad were amazing, just wait until you see this. One hundred of Apple's top engineers are busy building one in a secret lab. And an ABI Research report predicts 485 million of them could be sold over the next decade. But you can invest in it right now... for just a fraction of the price of AAPL stock. Click here to get the full story in this eye-opening new report.

Demitrios Kalogeropoulos has no position in any stocks mentioned. The Motley Fool owns shares of Corning and National Oilwell Varco. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

4 in 5 Americans Are Ignoring Buffett's Warning

Don't be one of them.

Jun 12, 2015 at 5:01PM

Admitting fear is difficult.

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KPMG advises we're "on the cusp of revolutionary change" coming much "sooner than you think."

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David Hanson owns shares of Berkshire Hathaway and American Express. The Motley Fool recommends and owns shares of Berkshire Hathaway, Google, and Coca-Cola.We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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