LONDON, January 28, 2013 /PRNewswire/ --
On Wednesday, Apple Inc. (NASDAQ: AAPL) released its quarterly results. Although the company sold record number of iPhones in its first quarter, sales fell short of Street estimates. In addition, the technology giant also gave a weaker-than-expected revenue outlook for the current quarter. This does not augur well for LG Display Co. Ltd. (ADR) (NYSE: LPL), which relies heavily on the iPhone. Another major concern for LG Display and rival Corning Incorporated (NYSE: GLW) is declining TV sales. StockCall' analysts completed the technical analyses on Apple, LG Display and Corning. These free reports can be accessed by registering now at http://www.stockcall.com/signup
LG Display Reports Strong Q4 Results But Gives Disappointing Outlook
On Thursday, South Korea-based LG Display reported its fourth quarter financial results. The company posted a profit of $299 million for the quarter due to mobile product launches during the quarter, including from key customer Apple. For the same period in the previous year, LG Display had posted a loss after it was fined by European Union for price fixing. LG Display's sales for the fourth quarter jumped 32% 8.74 trillion won. Get the free technical analysis report on LG Display at http://www.StockCall.com/LPL012813.pdf
Although LG Display reported strong fourth quarter results, shares fell sharply last Thursday and Friday as the company's outlook disappointed investors. The company's CFO said in a statement that panel shipments in the first quarter are expected to register a percentage drop in mid-teens compared with the fourth quarter of 2012 due to seasonal factors. Another concern for the company is fading demand for iPhones.
Late last Wednesday, Apple reported its much anticipated quarterly results. While the company saw another record quarter, revenue for the quarter fell short of consensus forecast. In addition, iPhone sales also fell short of expectations, raising worries that the demand for the smartphone is fading. Also, the company's revenue outlook for the current quarter pointed to fading demand for iPhones. Apple technical report has been completed after Friday's close for up-to-date analysis. Sign up now for your free download at http://www.StockCall.com/AAPL012813.pdf
Apple, of course, is a key customer for LG Display and a weak outlook for the iPhone maker does not augur well for the company. Also, it is widely believed that Corning's Gorilla Glass is used in Apple products. So the weak Apple outlook is also bad news for Corning Inc. [Free Technical Report on GLW] [(1)].
Declining TV Sales also a Concern for LG Display and Corning
Another area of concern for LG Display and Corning has been declining TV sales. In the third quarter of 2012, sales in Corning's Display Technologies segment, which includes LCD glass business, fell 6% on a year-over-year basis.
In fact, Corning and LG Display have been banking on growth in the smartphone market to offset declining sales in the TV market. However, Apple's disappointing outlook is major concern for both companies. Still, the overall smartphone market is expected to register strong growth this year, which is a positive for both companies.
Corning Pinning Hopes on Gorilla Glass
At the time of the release of third quarter results in October last year, Corning's CFO James B. Flaws noted that the company's Gorilla Glass is now available on more than one billion consumer electronics devices around the world, and has been a resounding success for the company. All eyes are now set on Corning's fourth quarter results, which will be released tomorrow January 29th before the opening bell.
- Corning Inc. Technical Analysis [ http://www.StockCall.com/CorningInc012813.pdf ]
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