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Strategies & Market Trends : Drillbits & Bottlerockets
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To: Jorj X Mckie who wrote (1925)1/25/2001 2:04:33 PM
From: John Pitera  Read Replies (1) of 15481
 
there was this cautionary note on NEWP this am:

09:20 ET Newport Corp (NEWP) 108 7/16: Wit SoundView says company failed to raise 2001 outlook b/c of possible weakness in its semiconductor industry related activities in the 2nd-half; believes that 2nd-half caution coupled with GLW warning will probably push stock to lower end of its $80-$120 trading range.




09:18 ET Corning Inc (GLW) 70 1/8: -- Update -- When asked on the call about why they are still confident in hitting full year numbers, Corning cited three reasons: 1) confidence in optical fiber sales, 2) fact that they "had some upside in our original outlook" (implicit that this upside no longer exists), 3) reining in spending to ensure they hit their numbers. Clearly, GLW not the only one that had upside built in -- the market knew that GLW had been conservative with guidance in the past, allowing for upward revisions -- lack of such this time is an implicit downward revision.
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