summary of glw's ah releases:
Corning Inc (GLW) 15.10 -0.03: -- Update -- Says that it is not seeing pushouts and cancellations in its
metro business to the degree it is seeing in its long haul business... thinks that systems vendors believe in
the bandwidth explosion and the inevitability of an all-optical network... Call just concluded... GLW -0.65
Corning Inc (GLW) 15.10 -0.03: -- Update -- Notes that its issue is a long haul North American
problem; emphasizes that its international business has been pretty good and that China has been one of its
strongest, fastest growing markets... GLW -0.70
Corning Inc (GLW) 15.10 -0.03: -- Update -- Says that it will provide updated info on business
segments after Q2 earnings release, but won't offer any guidance for Q3 or Q4 at that time due to lack of
visibility for its customers and market volatility that diminishes the accuracy of company forecasting...
says the least amount of visibility it has is in its amplifier business... GLW -0.68
Corning Inc (GLW) 15.10 -0.03: -- Update -- On call, says general assumption is that economy is not
going to show signs of improvement until end of this year, and maybe, not until middle of next year...
stresses that telecom market is expected to trail that improvement, and hence, it believes market downturn
could last 12-18 months... GLW -0.94
Corning Inc (GLW) 15.10 -0.03: -- Update -- Excluding various charges, company says business is
operating slightly ahead of analyst expectations for the quarter. However, due to reduced forecast for
its Photonic Technologies unit and the low level of visibility across the telecom industry, pro forma
earnings for the 2nd-half will be below the current consensus estimate.
Corning Inc (GLW) 15.10 -0.03: -- Update -- Company warns for second half of fiscal year; sees
earnings below consensus estimate of $0.38; announces it will discontinue its common stock
dividend.
Corning Inc (GLW) 15.10 -0.03: -- Update -- Company's senior debt rating cut to A- from A by S&P.
Corning Inc (GLW) 15.10 -0.03: -- Update -- Company will hold conference call at 5pm ET. Dial in
number: 800- 619-9064 passcode: update. Replay of conference call will be at 7pm ET. Dial in number:
800-337-5619.
Corning Inc (GLW) 15.10 -0.03: Company announces it will close three plants an take $5.1 bln
charge; GLW will also be cutting 1,000 jobs; "With the dramatic reduction of infrastructure spending
across the telecommunications industry, and our expectation that this market downturn could last 12 to
18 months, we are taking decisive action to lower costs and improve the future profitability of our
Photonic Technologies business." see press release. |
