Tag Archives: GLW

$GLW, Corning Inc.

Here’s how Pittsburgh Corning acquisition will impact Pittsburgh

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Monday’s announcement that Pittsburgh Corning will be acquired by Owens Corning will have no immediate impact on Pittsburgh Corning’s operations or employment. The trust had taken control of Pittsburgh Corning in 2016 following the company’s Chapter 11 bankruptcy filing in 2000 that stretched for 16 years during various twists and turns .


Verizon Communications Inc. — Moody’s says Verizon’s $3.1 billion acquisition of Straight Path is positive

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New York, May 15, 2017 — Moody’s Investors Service, (“Moody’s”) said Verizon’s agreement to purchase Straight Path Communicationsas is a strategic positive that will enhance its 5G capabilities by securing deep spectrum holdings and simultaneously prevent AT&T from acquiring the same. Verizon will pay $3.1 billion in stock to purchase Straight Path, one of the largest holders of wireless spectrum licenses in the 28 GHz and 39 GHz bands.

The transaction expands Verizon’s 5G spectrum holdings and gives the company certainty with its 5G architecture. In February, Verizon completed the acquisition of XO Communications’ fiber-optic network business for $1.8 billion. XO holds 102 spectrum licenses in the 28 GHz and 39 GHz bands which it leases to Verizon with an option to purchase by year-end 2018. Verizon intends to deploy these bands in conjunction with its proposed 5G wireless architecture. The Straight Path acquisition will give Verizon a vast 5G spectrum position compared to its peers. AT&T had originally agreed in April to acquire Straight Path for $1.6 billion but was ultimately outbid by Verizon. As part of the transaction, Verizon is required to pay AT&T a termination fee of $38 million.

AT&T’s 5G plans now rely on its spectrum licenses acquired with Fiber Tower Corp., which are also within the 39 GHz band. Fiber Tower’s current license holdings are limited and the company was forced to forfeit a number of licenses to the FCC after failing to meet its build out obligations. AT&T is working to restore some of these licenses and, even if unsuccessful, may have an opportunity to purchase these or other forfeited licenses at auction. In addition, the FCC is likely to hold 5G spectrum auction proceedings over the next two to three years to get more capacity into the market to stimulate investment into 5G. By losing Straight Path, AT&T missed an opportunity but still has multiple options to pursue.

Moody’s believes that 5G wireless services are unlikely to reach scaled deployment for at least 2 to 3 years. Carriers have articulated plans to deploy 5G as a fixed wireless solution initially, with more advanced mobile applications to follow. Moody’s thinks the speed and throughput of 5G technology will be at least comparable to traditional fixed line broadband services, but the economics of a fixed 5G architecture may not be competitive with cable broadband’s embedded cost structure. Therefore, Moody’s thinks that wireless carriers must offer additional functionality with 5G to differentiate it from traditional broadband in order to drive the inevitably higher price points that will lead to a profitable business.

Verizon continues to assemble assets that support its core wireless business. In addition to the Straight Path transaction and XO acquisition, Verizon also reached fiber purchase agreements this year with Corning Incorporated and Prysmian Group to enhance its fiber network capacity, a key component of the proposed 5G architecture. Moody’s views these deals as strategic positives, but not material to near term (0 to 3 years) financial performance. However, these small strategic asset purchases are essential to Verizon remaining competitive and perpetuating its market share.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Mark Stodden
Senior Vice President
Corporate Finance Group
Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

John Diaz
MD – Corporate Finance
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.

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Company News for May 15, 2017

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•    Shares of Nordstrom, Inc. JWN tanked 10.8% after the company reported first-quarter 2017 revenues of $3,354 million, missing the Zacks Consensus Estimate of $3,359.8 million

•    AstraZeneca plc’s share ADR gained 9.2% after the company planned to submit its cancer drug Imfinzi after declaring positive trial results for stage III lung cancer patients

•    Shares of Corning Incorporated GLW advanced 0.9% after Apple AAPL decided to invest $200 million in scratched resistant screens

•    Trade Desk Inc’s TTD shares surged 30.1% after the company reported first-quarter earnings of $0.13 per share, beating the Zacks Consensus Estimate of a loss of $0.03 per share
 

TTD): Free Stock Analysis Report</a><br>&nbsp;<br><a href="https://www.zacks.com/registration/pfp?ALERT=YAHOO_ZER&amp;d_alert=ZER_CONF&amp;t=AAPL&amp;ADID=YAHOO_content_ZER_ARTCAT_CORPORATE_SUMMARY&amp;cid=CS-YAHOO-FT-260589" rel="nofollow noopener" target="_blank">Apple Inc. (AAPL): Free Stock Analysis Report</a><br>&nbsp;<br><a href="https://www.zacks.com/registration/pfp?ALERT=YAHOO_ZER&amp;d_alert=ZER_CONF&amp;t=GLW&amp;ADID=YAHOO_content_ZER_ARTCAT_CORPORATE_SUMMARY&amp;cid=CS-YAHOO-FT-260589" rel="nofollow noopener" target="_blank">Corning Incorporated (GLW): Free Stock Analysis Report</a><br>&nbsp;<br><a href="https://www.zacks.com/registration/pfp?ALERT=YAHOO_ZER&amp;d_alert=ZER_CONF&amp;t=JWN&amp;ADID=YAHOO_content_ZER_ARTCAT_CORPORATE_SUMMARY&amp;cid=CS-YAHOO-FT-260589" rel="nofollow noopener" target="_blank">Nordstrom, Inc. (JWN): Free Stock Analysis Report</a><br>&nbsp;<br><a href="https://www.zacks.com/stock/news/260589/company-news-for-may-15-2017?cid=CS-YAHOO-FT-260589" rel="nofollow noopener" target="_blank">To read this article on Zacks.com click here.</a><br>&nbsp;<br><a href="https://www.zacks.com/" rel="nofollow noopener" target="_blank">Zacks Investment Research</a>" data-reactid="12">Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
The Trade Desk Inc. (TTD): Free Stock Analysis Report
 
Apple Inc. (AAPL): Free Stock Analysis Report
 
Corning Incorporated (GLW): Free Stock Analysis Report
 
Nordstrom, Inc. (JWN): Free Stock Analysis Report
 
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