Updated stock price since 9:04 AM EST.
NEW YORK (TheStreet) -- Corning (GLW) says it sees ample waves of glass in a broadening path of consumer electronic devices. Investors, however, were hoping for something a little more solid like a sparkling growth forecast, and sent Corning shares down 5% in early trading Friday.
"We believe all our business segments have the potential for growth," CFO Jim Flaws said in a press release ahead of the company's annual summit with analysts and investors in New York Friday.
LCD glass for TVs and computer monitors still drives most of Corning's sales. The company hopes to continue that streak while pointing to other growth areas within its reach, like smartphones and touchscreen devices from Apple (AAPL) and Google (GOOG)."The rapid growth of intuitive touch-display for consumer electronic devices, advanced glass for thin-film photovoltaics, and optical fiber for consumer electronics and wireless networks are providing us with such opportunities," CEO Wendell Weeks said in the press release. Corning says it expects LCD glass demand to increase 14% to 22% this year. The company also predicts that 171 million LCD TVs will be sold, a growth rate of 21% over 2009 levels. Investors were not particularly enthusiastic about Corning's outlook, the shares were down 5% to $17.34 Friday. After an 80% appreciation last year, Corning shares have been down 5% so far this year amid a widespread selloff. -- Reported by Scott Moritz in New York
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