Red-hot Corning shares slide on earnings. Why that's a gift to investors

Corning shares pulled back Tuesday despite the glassmaker reporting better-than-expected earnings and announcing two new long-term supply agreements to support AI infrastructure initiatives. The stock's massive advance this year set a high bar for these results, but the long-term story is still intact. Core revenue in the three months ended March 31 rose 18% year over year to $4.35 billion, topping the consensus estimate of $4.26 billion, according to LSEG. The growth was led by its AI and solar businesses. Adjusted earnings per share (EPS) rose 30% to 70 cents, a penny ahead of expectations, LSEG data showed. Shares of Corning fell more than 7% on Tuesday to roughly $156 apiece. At the lows of the day, the stock briefly traded below $150. GLW 1Y mountain Corning's 12-month stock performance. Bottom line We're not at all surprised to see this kind of market reaction Tuesday. It was almost a given considering the incredible run Corning shares had going into the print, up 92% year to date as of Monday's close. It is why we said Monday that anyone who wants to trim the stock should go right ahead. "If you wanted to take profits in [Corning], I would do that," Jim Cramer said on Monday's Morning Meeting, adding: "It's a very overhyped stock at this very moment." Thankfully, the price action on Tuesday is relieving some of that hype. It's a gift for the investors who have yet to start a position in Corning. …