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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (9295)	10/23/2000 8:45:37 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

JDSU--Corning's quarterly profits more than double (UPDATE: Recasts lead, adds details in paragraphs 6-8, 10,13-18) NEW YORK, Oct 23 (Reuters) - Fiber optics maker Corning Inc. (NYSE:GLW - news) said on Monday its third-quarter profits more than doubled amid surging demand for optical fiber and components used in communications networks, and that it expects earnings to grow about 25 percent next year. Corning's third-quarter pro forma earnings rose to $317 million, or 35 cents a share, compared with $148.1 million, or 19 cents a share, a year ago. Earlier this month Corning said it expected earnings in the range of 34-35 cents a share. Analysts had expected the company to earn 34 cents a share, according to research firm First Call/Thomson Financial. Including one-time items, Corning's net income totalled $254 million, or 28 cents a share, compared with $142 million, or 18 cents a share a year ago. Revenues rose 54 percent to $1.9 billion, compared with $1.25 billion a year ago. Excluding the impact of acquisitions, sales increased 37 percent. The Corning, N.Y.-based company said its solid third-quarter performance was driven by strong demand for high-data-rate optical fiber and cable, optical amplifiers, and flat-panel display glass. Sales of photonic technologies grew 113 percent, led by optical amplifier demand. Optical fiber and components allow information to be sent across glass cables using beams of light. Fiber optics allow more data to be sent at faster speeds than traditional copper networks. Corning and rivals such as JDS Uniphase Corp. (NasdaqNM:JDSU - news) (Toronto:JDU.TO - news) and Nortel Networks Corp. (NYSE:NT - news) have benefited from the surging demand for optical fiber as telephone and Internet companies race to upgrade their networks to handle increasing amounts of data, voice and video traffic. Due to this booming demand, Corning recently raised its growth outlook for 2000. It reiterated on Monday that it expects full-year pro forma earnings per share in the range of $1.15 to $1.17, an increase of about 70 percent over last year's earnings of 67 cents a share. It also expects its 2001 growth to exceed Wall Street expectations. ``We believe our key growth businesses will lead the way for strong revenue and earnings growth throughout 2001. Consistent with our long-term growth objectives, we expect earnings to grow next year at a rate of about 25 percent,'' said Corning Chairman Roger Ackerman. Its pending acquisition of Pirelli SpA's optical-components business will dampen growth by somewhat less than 5 percent, resulting in expected 2001 pro forma earnings per share in the range of $1.40 to $1.43. Analysts currently expect Corning to earn $1.38 a share, compared with $1.17 a share in 2001, according to First Call/Thomson Financial. Last month Corning said it would acquire a 90 percent stake in optical components maker Optical Technologies from Italian cable and tire company Pirelli SpA for $3.6 billion in an effort to expand its product mix. The deal will give Corning gets access to new products such as speciality fibers, which manage light signals as they travel across networks, or fiber gratings, which help manipulate or redirect light wavelengths. The equipment helps glass fiber networks carry more data at faster speeds. Separately, communications Level 3 Communications Inc. (NasdaqNM:LVLT - news) said Corning will be its worldwide supplier of optical fiber and cable for at least the next four years and will supply more than 10 million kilometres of fiber. Under the agreement, Level 3 and Corning will cooperatively research, develop and deploy new and more cost effective generations of optical fiber. The deal builds on the two companies existing relationship. In August, Corning agreed to supply more than 2 million kilometres of an enhanced generation optical fiber.

To: Dealer who wrote (9295)	10/23/2000 9:16:49 AM
From: Venkie	Read Replies (2) \| Respond to of 65232

whats up with ntap...getting killed sold mine friday and will buy back