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Technology Stocks : Corning Incorporated (GLW)

GLW 81.71

+2.0%

Nov 19 3:59 PM EST

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To: John Trader who wrote (1659)	3/6/2002 1:23:01 PM
From: Proud_Infidel	Read Replies (1) of 2260

Corning: Telecom Industry to Hit Bottom 1st Quarter Wed Mar 6, 1:19 PM ET NEW YORK (Reuters) - Corning Inc. said on Wednesday it expects the slump in the telecommunications equipment industry to hit bottom in the first quarter, but the pace of recovery remained unclear. "We're increasingly confident that Q1 will represent the bottom ... but it's too early to discuss the pace of recovery," Corning Chief Executive John Loose said at the Bloomberg 7th Annual Telecom Day conference in New York. "Our order rates, customer dialogue and analysis show us we're at the bottom," Loose said. Loose said he expects the recovery to be driven by orders by the large, incumbent communications companies as they upgrade and expand fiber optic networks in metropolitan areas and install fiber for network access. Corning does not anticipate any signs of growth in the long-haul fiber optic market, which still suffers from overcapacity, but the company expects "robust" growth in the metropolitan fiber segment, Loose said. If sales fail to improve as expected, Corning may cut additional costs, he said.

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