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(GLW) - Get Corning Incorporated Report

was down 15.5% in early trading after hitting a 52-week low of $34.48.

In the wake of Nortel's warning, Corning reiterated its guidance of 28 to 31 cents a share earnings for the first quarter and $1.40 to $1.43 for 2001. The fiber-optic company said it will step up spending cuts to meet its targets.

JDS Uniphase


was down 13.6% as the fallout from Nortel spread through the optical and networking groups.

Credit Suisse First Boston

sliced its price target to $65 from $100 and

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Lehman Brothers

lowered its 2001 and 2002 forecasts.

Among other network equipment makers, giant


(CSCO) - Get Cisco Systems Inc. Report

was down 5.9% after dipping to a 52-week low of $27.72.


(CIEN) - Get Ciena Corporation Report

, up Thursday on a strong forecast, was down 3.2%.