Corning Slumps After Pulling Forecast

Corning (GLW Quote) shares plummeted Tuesday after the company withdrew its previously disclosed guidance for the fourth quarter and 2009 due to weakened retail demand for LCD televisions and desktop monitors.

Shares of the Corning, N.Y., glass and ceramics products maker were dropping $1.51, or 16.8%, to $7.50.

"Demand in our wholly owned display glass business has dropped more precipitously than we expected just a few weeks ago," said Corning CFO Jim Flaws during a technology conference in New York. "As a result, since the display business is a significant contributor to our overall results, we are unable to offer revised guidance for the fourth quarter or for 2009 at this time." ...