Did Corning Executives Make Insider Trades Before Quarterly Report?
When Corning Incorporated (NYSE:GLW) announced its second-quarter profit was down 39 percent compared with the same period last year, the specialty ceramic manufacturing company's stock fell more than 7 percent.
But weeks before the report was released on July 25, company officials were performing insider transactions that amounted to hundreds of thousands of dollars, suggesting the insiders may have been selling on privileged information.
The company also reported that its earnings per share were down 35 percent on the year on profit of $426 million, down from $755 million in the second quarter of 2011. The company reported sales of $1.9 billion, down 1 percent from the previous quarter and 5 percent lower than the same period last year.
The stock fell 7.71 percent to $11.14 by the close of the trading day, and this outcome may have been expected by company officials. Corning's Joseph Miller sold 1,426 shares valued at $12.67 on July 9, and in the last three months, a total of $902,900 has been sold, with shares ranging from $12.67 to $13.38 each.
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