Published October 29, 2015 7:57am EDT | Updated October 29, 2015 9:06am EDT

Corning Enters $1.25 Billion Accelerated Share Buyback Agreement With Morgan Stanley

Specialty glass company Corning Inc. said Thursday it has entered an accelerated share buyback agreement with Morgan Stanley & Co. LLC, under which it will repurchase $1.25 billion of its own stock. The company is expecting an initial delivery of about 53.1 million shares based on current prices. The deal is expected to be completed in the first quarter of 2016 and to be financed with cash on hand. Corning stock was up 0.9% in premarket trade, but is down 18% in the year to date, while the S&P 500 has gained 1.4%.