Corning Incorporated (GLW) Message Board

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Technology Stocks : Corning Incorporated (GLW)

GLW 86.89

+1.7%

3:59 PM EST

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To: Kayaker who wrote (502)	4/17/2000 1:54:00 PM
From: t2	Read Replies (1) of 2260

Amazing!!I can't believe GLW down on this news. It is about 2 weeks old. I have the old link to this story below. Notice the March 30 date on the OLD NEWS. Today's news just basically a repeat of the March 30 story. It makes no sense why GLW is down on this news. I am just betting that there is some trading on it that will reverse itself by the end of the day. That is why I consider it a great buying opportunity right here--actually it is a phenomenal opportunity, IMHO. newsalert.com March 30, 2000 14:32 Corning May See Loss In Pittsburgh Corning From Verdicts (GLW) (NewsTraders.com)-- Corning (GLW) said yesterday that Pittsburgh Corning Corp., a company in which it owns a 50% stake, has incurred five "adverse verdicts" in cases with asbestos plaintiffs, with the total amount of the verdicts potentially exceeding $30 million. Corning noted that it would not have to pay any cash for the decisions and that any potential loss involved would be limited to a decrease in the value of its investment in Pittsburgh Corning, and/or the recording of equity losses from such holdings. The fiber optics firm's equity position in Pittsburgh Corning currently approximates $35 million, according to an 8-K filing. Pittsburgh Corning intends to pursue post-trial remedies by motions and appeals, and believes it has grounds for the decisions to be reduced or reversed, Corning said. In addition, Corning indicated that Pittsburgh Corning holds insurance to offset a portion of the verdicts. The other half of Pittsburgh Corning is owned by PPG Industries (PPG). Shares of Corning were recently down $10.25 to $187.25. Copyright 2000 NewsTraders Inc. All Rights Reserved 14:35 Thursday, March 30, 2000

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