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Technology Stocks : Corning Incorporated (GLW)

GLW 103.25

+0.2%

Jan 30 9:30 AM EST

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To: glenn snyder who wrote (749)	8/21/2000 3:07:24 AM
From: BDR	Read Replies (1) of 2260

The August 19th issue of the Economist, page 59, has a piece on Roger Ackerman and the transformation of Corning, entitled "The re-education of Roger Ackerman". It is not available at the online Economist site. The article indicates that Ackerman, who I didn't know had worked at Corning for 38 years before becoming CEO, was looking for ways to improve the company's share price. Wall Street analysts advised him to "dump everything but the high-tech bits", which is what he did. Wall Street is now telling him to spin off its bioscience and flat-screen divisions, a move which the article says he is resisting. The resulting optical "pure-play" would get valued more highly as a result, e.g. JDSU. It says that he turned down chances to buy SDLI and, earlier, JDSU because of the high prices. In the interview with Maria he said the failure to buy SDLI was not because of price but other factors he would not go into. Just my take on the article. I suggest anyone that is interested look for a copy of the Economist and read it themselves.

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