Lightwave Logic Inc (LWLG)

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Corning bought a "Wave" just not Lightwave...
Corning Grows In-Building Wireless Suite with iBwave Buyout - Analyst Blog
Zacks By Zacks Equity Research
8 hours ago
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In a bid to expand its in-building wireless portfolio, Corning Incorporated GLW recently revealed that it has acquired iBwave Solutions. The terms of the agreement, however, were not made public.

Based in Montreal, Canada, iBwave provides design-software for in-building wireless solutions. Its design software is used by more than 600 system integrators as well as end-user organizations in more than 80 countries.

Post acquisition, iBwave Solutions will become a wholly owned subsidiary of Corning and report under the Optical Communications business segment.

The Optical Communications contributed 28% of revenues in the last reported fourth quarter. It was down 3.2% sequentially but up 11.7% from the year-ago quarter. Better-than-expected revenues came from higher FTTH sales in North America.

This acquisition will allow Corning to strengthen its position as a leading provider of optical solutions. iBwave’s expertise in inside-building wireless design combined with Corning’s global infrastructure, will enable the latter to strengthen its wireless business, thereby boosting revenues.

Corning is a worldwide provider of connectivity solutions. The company has been supplementing its portfolio with various acquisitions. In Jan 2015, it took over California-based TR Manufacturing, a provider of fiber-optic and copper cable/component interconnects and electro-mechanical assemblies to original equipment manufacturers, further expanding its optical business.

In the fourth quarter, the company reported strong core earnings of 45 cents, much ahead of the Zacks Consensus Estimate of 38 cents. Also, revenues of $2.40 billion grew 5.4% sequentially and 19.9% year over year. The results were driven by consolidation of CPM and a slightly lower tax rate, with record sales in the Display segment and Optical Communications, Environmental segments.

Corning currently has a Zacks Rank #3 (Hold). Better-ranked stocks in this industry include Alcatel-Lucent ALU, Arista Networks, Inc. ANET and Envivio, Inc. ENVI, all carrying a Zacks Rank #2 (Buy).