On July 29, Corning fell 3.08% overnight to $122.13 per share, with turnover of $11.86 million, extending the stock's prior session decline of nearly 20%.

The continued selling pressure stems from Corning's Q2 earnings release on July 28, where despite beating expectations — core sales of $4.74 billion rose 17% year-over-year and core EPS of $0.78 grew 30%, both exceeding consensus — the company's Q3 guidance disappointed. Corning guided Q3 core sales of $4.9 billion to $5.0 billion, with the midpoint of $4.95 billion falling below the Street's $5.0 billion estimate, implying sequential growth deceleration from 9% to just 3%-6%.

With Corning's year-to-date gains approaching 100% and the stock trading at approximately 44x PE, the margin for error was extremely thin. The lack of an upside surprise in forward guidance triggered large-scale profit-taking. The selloff also dragged the broader optical communications sector lower, with peers Coherent and Lumentum each recording double-digit declines.

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