Can you beat 50% per month? Message Board

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Strategies & Market Trends : Can you beat 50% per month?

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To: Smiling Bob who wrote (4750)	11/12/2002 8:49:14 AM
From: Smiling Bob	Read Replies (1) of 19256

GLW Message 18201340 ?To:Jon Scott who started this subject From: scottonstocks Wednesday, Nov 6, 2002 10:27 AM View Replies (1) \| Respond to of 4813 GLW- a buy 2.55 ask Long(past mkt drop) and possible change today edit- may not get much higher today, but looking for 3.20-25 next couple of weeks ------------- biz.yahoo.com Reuters 3M to Buy Corning's TV Lens Unit Tuesday November 12, 7:37 am ET ST. PAUL, Minn. (Reuters) - Manufacturing conglomerate 3M (NYSE:MMM - News) on Tuesday said it would buy the television lens business of Corning Inc. (NYSE:GLW - News) for about $850 million to expand its technology and product line. ADVERTISEMENT For Corning, the world's largest producer of fiber optic cable for the telecommunications industry, the sale generates much-needed cash as it struggles to cut costs, cut its debt and return to profitability after enduring the protracted slump across the telecoms sector. It will use the proceeds to repay some debt and make a contribution to its pension plan, which the company estimated last month to be underfunded by about $150 million. Corning Precision Lens is the largest worldwide manufacturer of lens systems for rear-projection televisions. 3M said the acquisition would bolster its position in the displays industry. St. Paul, Minnesota-based 3M expects the deal to boost earnings next year by about 7 cents per share, after acquisition cots. The transaction should close by the end of 2002. 3M said the gross cash price for the deal is $850 million, but it expects tax benefits to reduce its net cost to about $680 million.

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