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Technology Stocks : Corning Incorporated (GLW) -- Ignore unavailable to you. Want to Upgrade?

To: Sidney Street who wrote (1621)	2/9/2002 6:45:50 PM
From: E_K_S	Read Replies (1) \| Respond to of 2260

I have done some research on GLW's Life Science Division (http://www.corning.com/Lifesciences/inside_life_sciences/) and feel if the company continues to invest in this sector of their business, the growth opportunities are very good. Cornings Life Sciences Division is currently under the Advanced Materials Segment. The Advanced Materials Segment manufactures specialized products with properties for customer applications, utilizing glass, glass ceramic and polymer technologies. Businesses within this segment include environmental products, life science products, semiconductor materials and optical and lighting products Recent Developments: Advion BioSciences Selects Corning Incorporated's IntelliSense to Manufacture ESI Chip September 19, 2001 IntelliSense Corporation, a subsidiary of Corning Incorporated, announced that it has signed a definitive two and one-half year agreement to manufacture Advion BioSciences' Electrospray Ionization Chip. This MicroElectro Mechanical Systems device will enable high-throughput mass spectrometry for proteomics, drug discovery, and genomics research. Whitehead, Corning announce research agreement By Seema Kumar Whitehead Institute WEDNESDAY, NOVEMBER 1, 2000 (http://web.mit.edu/newsoffice/tt/2000/nov01/corning.html) Corning Inc. has announced a $10 million research agreement with the Whitehead Institute for Biomedical Research to develop the next generation of DNA microarrays and other tools for the post-genome world. * This small research agreement with MIT could develop into something big. I wouldn't be surprised to see Corning spinn off this company in two to three years if the research in-progress proves efficient * Corning Microarray Technologies Corning Microarray Technologies is a new platform of microarray technology products being developed by Corning Life Sciences for the life science industry. By leveraging our strength and experience in glass and plastics manufacturing, process engineering, and surface technologies, Corning is working to transform the microarray technology marketplace by providing high-quality, reasonably priced research tools that facilitate the widespread use of this new and exciting technology. The CMT-GAPS™ Coated Slides and the CMT™ - Hybridization Chamber are just the first in what promises to be a growing family of CMT products that will bring the power of microarray technology into every life science laboratory ========================================================= A lot of investors are focused on Corning's fiber optics business but Corning has several other (very profitable) operating divisions positioned in other very large growth markets. EKS

To: Sidney Street who wrote (1621)	2/10/2002 10:39:25 AM
From: E_K_S	Respond to of 2260

I checked the 10Q and noticed the consolidation of certain operations in the Life Science division. Specifically discontinuing their initiative in Corning Microarray Technology products. From the 4 Quarter 10 Q: "...Q4 Actions On October 3, 2001, Corning announced that it will take further actions in the fourth quarter. These actions include: - Closing or consolidating several manufacturing locations as well as smaller businesses in the Telecommunications and Advanced Materials Segments. - Discontinuing its initiative in Corning Microarray Technology products, part of Corning's life sciences business. - Reducing headcount across all businesses, research and staff organizations to reduce operating expense in line with reduced revenue expectations. Corning will offer certain employees a voluntary retirement incentive...." ==================================================== If they kept the best pieces of this division it appears to me that at current price levels there is hidden value in the Advanced Materials division. EKS

To: Sidney Street who wrote (1621)	2/11/2002 10:07:07 PM
From: Robert T. Quasius	Read Replies (1) \| Respond to of 2260

Corning did indeed kill the microarray project. Virtually the entire division was laid off. I know because I worked at Corning at the time and know some of those laid off. They called the entire division into an auditorium and told them their jobs no longer existed as of that day. I believe a few researchers were kept on, but not those involved in the microarray project. I believe what it came down to was that others were bringing out cheaper microarrays (though of lessor quality), the project was a big drain on cash flow, and there were some issues with product development. Corning will plow money into potential long term winners, but is quick to cut perceived losers. The technology looked impressive, but the business model didn't. I still think the technology has a lot of potential, but when times are tough hard decisions have to be made and this was one of them. I like the diesel catalytic converter project. Cormatec looks very good (though small). The photonics and fiber optics businesses will be back in time. People and companies aren't going to stop using the Internet or data networks anytime soon, and the long term growth is still there. I also don't believe in the "fiber glut" myth on the street. All those dark fibers will need photonics to light them, and many of the dark fibers in the ground won't support the current state-of-the art in DWDM. The growth in data traffic is there, but just needs some time to catch up to some of the installed base. Also, many telecom providers are suffering from overindulgence in debt, and combined with the current lack of available capital simply can't afford to spend capital, even if the need for more capacity is there. As usual, Wall Street oversimplifies technology it doesn't understand, and exaggerates the downside (alternating fear and greed prevail).