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    QuantumScape Stock Declines Nearly 2% In Wednesday Pre-Market: What’s Going On?

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    QuantumScape Stock Declines Nearly 2% In Wednesday Pre-Market: What's Going On?

    The stock of QuantumScape (NYSE:QS) declined 1.79% during the Wednesday pre-market session, reversing previous gains, following the company’s partnership with Corning (NYSE:GLW).
    QuantumScape Teams With Corning To Boost Battery Output
    QuantumScape’s stock surged after the company on Tuesday announced its collaboration with Corning to develop manufacturing capabilities for ceramic separators, a key component of its solid-state battery technology designed for commercial use. However, the stock closed 0.48% lower after the initial surge.
    The partnership seeks to expand large-scale production of QuantumScape’s ceramic separators and is viewed as a strategic move to build a network of collaborators that can accelerate the market introduction of its innovative batteries.
    There is also speculation about a potential partnership with Tesla (NASDAQ:TSLA), although none of the company has given a confirmation.
    See Also: Nearly 100,000 Federal Workers Set To Resign In Largest Mass Resignation In US History: Report
    QuantumScape, Corning Stocks Rise On Tech And Innovation
    QuantumScape’s shares have surged 139% year-to-date, fueled by its solid-state battery innovations, such as the initial production of its “Cobra” separator and a successful in-vehicle demonstration of its batteries in partnership with Volkswagen‘s (OTC:VWAGY) PowerCo.
    The company reported quarterly losses of 20 cents per share, which beat the analyst consensus estimate for losses of 22 cents and is up from losses of 25 cents per share from the same period last year.
    Corning, on the other hand, has seen a 69% increase year-to-date, backed by its “Springboard” plan for growth and strong demand in key sectors, such as Optical Communications and solar. The company’s stock jumped after Apple (NASDAQ:AAPL) announced plans to make all iPhone and Watch glass in the U.S.
    According to Benzinga Edge Stock Rankings, QuantumScape has a momentum score of 96.75%. Click here to see how it compares to other leading tech companies.
    READ NEXT:
    Corning Stock Jumps After Apple Announces Plans To Make All iPhone, Apple Watch Glass In The US
    Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
    Image Via Shutterstock

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