A New Crack in Corning

Corning (GLW Quote) shares dipped on renewed worries over mounting flat-panel display inventories.

In an earnings warning Friday, 3M (MMM Quote), a leading supplier of film coatings for liquid crystal displays, blamed a glut of LCD TVs for much of its second-quarter woes.

Spring is generally the most challenging season for TV sales. Consumer demand for TVs tends to slacken at a time when the year's new models pile up before last year's models can be cleared out, say analysts. Adding to the supply mess, says 3M, was overordering in anticipation of big TV sales during soccer's World Cup finals.

"It appears the industry overestimated demand for LCD televisions in anticipation of the FIFA World Cup and has temporarily reduced production accordingly," says 3M CEO George Buckley, in a press release Friday. ...