Corning Sinks Despite Reaffirming - TheStreet

Corning Sinks Despite Reaffirming

Shares fall on analyst day.
Author:
Publish date:

Corning (GLW) - Get Report sank 2.5% Friday morning after the glass-and-diesel shop reaffirmed first-quarter targets.

The Corning, N.Y., company said it expects to make 24 cents to 27 cents a share on revenue of $1.26 billion to $1.31 billion. Analysts surveyed by Thomson Financial were looking for a 26-cent profit on sales of $1.29 billion.

The news comes as CEO Wendell Weeks and CFO James Flaws address an investor meeting in New York. Corning said it expects its total LCD glass volume to decline sequentially between 10% and 15% for the first quarter. Corning shares rose last month when the company announced it wouldn't be pulled into a damaging price war on LCD glas, which is used in flat-panel display screens used in big TVs and computers.

Shares fell 57 cents to $21.91.