STEVERSON LEWIS A sold $2.0M of GLW

Lumentum stock fell 10.5% in morning trading, extending a four-day decline. The drop follows a Zacks downgrade and significant insider selling. Broader market concerns, including higher interest rates and a tech selloff, also contributed. The stock hit a session low of $801.26, down 29% from its 52-week high.

UBS maintained a 'Buy' rating for Corning (GLW) and raised its price target to $201.00 from $196.00, citing confidence in the company's performance. Corning's stock is trading at $159.37, which GuruFocus deems 138.1% overvalued compared to its GF Value™ of $66.94. The company has a GF Score™ of 75/100, with strong growth and profitability but significant valuation concerns. Insiders have sold $3,485,610 in shares over the last three months.

Corning (GLW) signed a multi-year, $3B+ supply agreement with AT&T, supporting U.S. connectivity infrastructure through 2030. GLW shares are up 81.09% YTD, despite a recent 15.71% decline. Analysts debate its valuation, with some seeing it as 14% undervalued at $164.19, while others highlight its high P/E of 74.4x.

AT&T has entered a $3B+ multiyear agreement with Corning to expand its fiber network, aiming to reach 60M locations by 2030. The deal supports AT&T's broadband growth amid increasing competition from Verizon, T-Mobile, and SpaceX's Starlink. AT&T added 646K internet customers in Q2 2026, including 367K fiber customers.

First Solar has filed a lawsuit against Corning subsidiary American Panel Solutions and Chinese competitor JA Solar, alleging patent infringement. The case centers on the alleged misuse of First Solar's patents in the solar energy sector. According to the company, the legal action was initiated late Thursday.

Corning (GLW) and AT&T (T) finalized a $3B fiber supply deal, highlighting the shift in AI spending from semiconductors to physical infrastructure. Corning's Q2 2026 revenue rose 17.1% YoY to $4.74B, with EPS at 78 cents. AT&T's Q2 revenue was $31.56B, EPS 65 cents. Both companies are investing heavily in fiber networks to support rising data demands.