Corning (GLW) - Get Corning Inc Report was up 2.3% in preopen Instinet trading. The world's largest fiber-optic cable maker said late Monday it will cut 1,000 jobs, close three plants and take second-quarter charges of about $5.1 billion as a result of the telecom slowdown.

Cost-cutting measures will also be reflected in third-quarter charges.

The company said it will not pay dividends on its stock.

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