Corning Inc. shares rose 7.2 percent midday to $38.50, following the announcement of a multi-year supply agreement for its fiber optic solutions. The deal, valued at more than $2 billion, will support a major U.S. telecommunications provider's broadband expansion initiatives. Qualcomm Inc. also saw gains, with its stock climbing 5.8 percent to $192.30 after the company issued an optimistic forecast for its automotive chip segment. The broader market showed modest movement, with the S&P 500 up 0.2 percent to 7,414.
The Corning agreement reflects strong demand for high-speed internet infrastructure. Analyst Sarah Chen at Summit Securities raised her price target on Corning to $45, citing the long-term revenue visibility provided by the new contract. Chen said the deal positions Corning as a key beneficiary of ongoing federal and private sector investments in digital connectivity. This contract secures a revenue stream for the company through 2029.
Qualcomm's automotive segment forecast highlighted accelerating adoption of its Snapdragon Digital Chassis platform. The company now projects its automotive revenue to exceed $4 billion by fiscal year 2027, up from an earlier estimate of $3.5 billion. JPMorgan analyst David Lee upgraded Qualcomm to "Overweight," noting the company's expanding design wins beyond traditional mobile processors. Lee set a new price target of $210, emphasizing Qualcomm's position in the growing connected vehicle market.
Other notable movers included Wendy's Co. which advanced 4.5 percent to $22.15 after reporting stronger-than-expected first-quarter earnings. The fast-food chain posted comparable sales growth of 3.8 percent, driven by digital ordering and new menu items. The Trade Desk, a digital advertising platform, gained 6.1 percent to $88.70 following its earnings beat and an optimistic outlook for advertising spend recovery in the second half of the year.
The Trade Desk CEO Jeff Green said the company's Unified ID 2.0 initiative continues to attract major advertisers seeking privacy-conscious alternatives to third-party cookies. The company projects second-quarter revenue between $510 million and $520 million, exceeding analyst consensus. Investors will watch Wendy's investor day presentation on June 15 for details on its long-term growth strategy and franchise expansion plans.
