Corning's Stock Jumps After Apple's New Tech Fund Invests $200 Million

Shares of Corning Inc. rallied 1.6% in premarket trade Friday, after Apple Inc. said its new Advanced Manufacturing Fund will invest $200 million in the optical fiber maker. The investment will support research and development, capital equipment needs and glass processing, Apple said. "Corning is a great example of a supplier that has continued to innovate and they are one of Apple's long-standing suppliers," said Apple Chief Operating Officer Jeff Williams. "This partnership started 10 years ago with the very first iPhone, and today every customer that buys an iPhone or iPad anywhere in the world touches glass that was developed in America." Apple's Advanced Manufacturing Fund is committed to investing at least $1 billion with U.S.-based companies to foster innovative production. Corning's stock has surged 19% year to date through Thursday, while Apple shares have soared 33% and the S&P 500 has gained 7%.