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.
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
lowered its 2001 and 2002 forecasts.
Among other network equipment makers, giant
was down 5.9% after dipping to a 52-week low of $27.72.
, up Thursday on a strong forecast, was down 3.2%.