GLW moving on 3 week old news and insignificant. Just amazes me how the stock has dropped on this.
Today's news release is just a repeat of the old story.
Message 13445978
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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GLW: CORNING INC(NYSE) Monday, Apr 17, 2000 2:07 PM EDT
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