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(GLW) - Get Corning Incorporated Report

was up 9.8% in late morning after


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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 Cisco Systems Inc. Report

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