(GLW) - Get Report

was up 9.8% in late morning after


started coverage with a buy rating and a 12-month price target of $114. Analyst Dave Kang wrote, "Corning has emerged as one of the premier players in the red-hot optical networking space."

Corning today announced it is joining with

Cisco Systems

(CSCO) - Get Report

to make optical equipment for the Internet. Terms were not disclosed. Cisco was up 3.6%.