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Strategies & Market Trends : Quarter to Quarter Aggressive Growth Stocks
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To: Jack Hartmann who started this subject10/1/2001 1:40:35 PM
From: Jack Hartmann   of 6924
 
Corning declines, Merrill cuts 2002 EPS By Julie Rannazzisi
Shares of fiber-optic outfit Corning (GLW: news, chart, profile) lost 1.5 percent in recent action. Merrill Lynch analyst Steve Fox reduced his 2002 sales and earnings-per-share estimates on the company to "better reflect a weakening global economic environment as well as our increased concerns about next year's capital spending levels by communications service providers." The comapny has a "neutral" rating from Merrill, which cut 2002 EPS projections to 40 cents from 65 cents vs. a "Street consensus" of 49 cents. But Fox told clients that given current volatility in demand for a number of the company's products, his confidence levels in these below-consensus estimates is low. He said he would not be surprised to see 2002 fiber unit demand flattish vs. a long-term growth rate of 20 to 25 percent a year. Fiber sales account for at least 40 percent of Corning's sales. "Our recent field checks lead us to believe that major communications service providers continue to re-visit their capital spending plans for at least the coming 18 months with a bias towards further reductions," the analyst said in a research note.

Not good news. Just a matter of how much is priced in.
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