Corning (GLW) - Get Corning Inc Report, which posted better-than-expected earnings last night, but warned of softer demand from telcos, was downgraded this morning to accumulate from buy in the intermediate-term by Merrill Lynch.

The stock was also downgraded to outperform from buy at

Salomon Smith Barney

.

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In a research note this morning, Merrill said that, "some cautionary comments about the company's two most profitable businesses leads us to believe that upside to EPS could be more limited during 2001 than we previously anticipated."