( Updated from 8:28 a.m. EDT)

Corning

(GLW) - Get Report

, maker of telecommunications gear, said after the market closed Monday that it will trim its workforce by 1,000 jobs, close three of its plants and take a $4.8 billion second-quarter charge. The company said it expects the telecommunications slowdown to lag the broader market by six months, which translates into another 12 to 18 months of uncertainty.

For more on Corning, check out

Scott Moritz's

piece,

With Writedown, Corning Joins Ranks of Telco Realists.

Miscellaneous News:

  • Alcatel (ALA) said it plans to slash an additional 2,500 U.S. jobs and close its manufacturing plant in Raleigh, N.C., citing the slowdown in telecommunications spending. Last month, the company said it would cut about 900 jobs in the U.S. and close three of its manufacturing plants. Genentech (GEN) - Get Report and Novartis (NVS) - Get Report said the Food & Drug Administration has requested additional data on their Xolair drug. The drug is being developed by the two companies to treat certain types of asthma, particularly in young children. The pharmaceutical companies do not expect the drug to receive FDA approval in 2001.
  • Hutchinson Whampoa (HUWHY) said it has chosen Motorola (MOT) to provide it with $700 million in wireless devices, with delivery expected in the third quarter of 2002.
  • Xerox (XRX) - Get Report did away with its quarterly dividend payment in an attempt to further reduce costs and bring the copier firm back to profitability. The removal of the quarterly dividend, a 5-cents-a-share payment, would save Xerox $140 million on an annual basis, the company said. This savings is in addition to the other moves the company has made recently, such as generating cash and strengthening liquidity through cost reductions, improved working capital management and the sale of $2 billion in assets. The company said the elimination of the dividend is not a result of any unexpected second-quarter developments.

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    Cintas (CTAS) - Get Report reported fourth-quarter earnings of 35 cents a share, in line with the analysts' estimates. Revenue for the quarter came in at $563 million, up from $504.8 million in the year-ago period. CVS (CVS) - Get Report reaffirmed its lowered second-quarter guidance and said same-store sales for the quarter rose 8.3%. The company said it remains comfortable with analysts' earnings-per-share forecasts of 48 cents a share. June same-store sales rose 7.5%, bolstered by increased pharmacy sales. Earthgrains (EGR) reported fiscal first-quarter earnings of 34 cents a share, beating the Street's forecasts by a penny and topping the year-ago mark of 27 cents a share. The company, which earlier this month agreed to be acquired by Sara Lee (SLE) , said its net sales rose to $611.1 million from $599.6 million a year ago. DoubleClick (DCLK) is scheduled to release second-quarter earnings after the closing bell. The company is expected to report a loss of 8 cents a share, compared to a loss of 3 cents a share a year ago. Oakley (OO) said it remains comfortable with its second-quarter and full-year earnings estimates, citing a strong demand for shades and new products that are on the way. The company expects to earn 33 cents a share in the quarter, compared to 27 cents a share a year ago. Full-year earnings-per-share are expected to come in at 98 cents a share, up 34% from the 73 cents a share it earned in 2000. The company reports earnings on July 18. Sears (S) - Get Report said it will bow out of the cosmetics business and take a second-quarter charge of $53 million after taxes. The company will dissolve its marketing agreement with Avon Products (AVP) - Get Report to launch its new product line, beComing. Avon, which will receive an undisclosed payment from Sears for ending the deal, plans to launch its product in J.C. Penney (JCP) - Get Report stores.

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In Overnight Activity

    AMB Property (AMB) announced after market hours Monday that its funds from operations for the second quarter were 43 cents after charges, noting that it took a $1.4 million cash charge related to Webvan (WBVN) , which filed for Chapter 11 bankruptcy protection Monday. AMB said Webvan was its third-largest customer at quarter-end. Barnes & Noble (BKS) - Get Report announced that its "superstore" same-store sales (stores open for at least one year) for June rose by 4.2% from a year ago. The book retailer also said that it expects sales in July to be lower than a year ago because last year's sales were boosted by a new Harry Potter book. El Paso (EPG) announced that it expects second-quarter earnings to be between 77 cents and 79 cents a share, above the current Thomson Financial/First Call consensus estimates of 76 cents a share. Mentor Graphics (MENT) announced that it expects second-quarter earnings per share to beat current estimates. First Call consensus estimates currently call for earnings of 25 cents a share. Clothing retailer Nordstrom (JWN) - Get Report said that same-store sales for June rose 1.4% from the year earlier. Questar (STR) announced that it now expects second-quarter earnings to be between 31 cents and 35 cents a share, below the current First Call consensus estimate of 36 cents a share. For an extended take on late-night action, be sure to take a gander at The Night Watch.

Mergers & Acquisitions:

  • Charming Shoppes (CHRS) - Get Report said it reached an agreement to purchase Lane Bryant, a subsidiary of The Limited (LTD) , for $335 million. Under the terms of the deal, Charming will pay $280 million in cash and Charming common stock worth $55 million for Lane Bryant.

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Sources & Definitions:

All analyst EPS estimates are from Thomson Financial/First Call, unless otherwise noted. All economic forecasts are from

Reuters

, unless otherwise noted. All times are Eastern, always. After-hours quotes courtesy of Instinet, unless otherwise noted.