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

To: John Trader who wrote (1665)	3/7/2002 5:12:20 AM
From: EepOpp	Read Replies (2) \| Respond to of 2260

A possible killer app to soak up the bandwidth? Tech: RealNetworks will offer quick-hit highlights of major league games in a new compressed format. latimes.com FYI: link to the story won't last very long. LA Times will require a payment when the article gets archived.

To: John Trader who wrote (1665)	3/7/2002 7:26:33 AM
From: Proud_Infidel	Respond to of 2260

John, Thanks for the article. I would have guessed CSCO was at the top of the list. GLW is a bit of a surprise, but a good one for a change:-) Regards, Brian

To: John Trader who wrote (1665)	3/7/2002 2:32:03 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 2260

The right thing to do during this severe downturn..... Corning's Top Execs Get No 2001 Bonuses Thu Mar 7, 2:05 PM ET CHICAGO (Reuters) - Corning Inc. , the world's largest maker of fiber-optic cable, on Thursday said its top executive did not receive bonuses for 2001 because of the telecommunications slowdown that hurt much of its business. Minimum financial goals as set by compensation committee were not met, so no bonuses were awarded to the top executives, the Corning, New York-based company said in its shareholder proxy statement filed with the U.S. Securities and Exchange Commission (news - web sites). It also delayed its annual salary reviews for 2002 that are normally held on Jan. 1. "The year 2001 was an extremely disappointing year as Corning faced significant downturns in all of its telecommunications businesses as well as a general softening in many of its other businesses," Corning said in the proxy. "The widespread downturn in the telecommunications industry severely impacted the financial performance of Corning in 2001. As a result, all of Corning's compensation programs reflect this very weak performance," the company added. Corning also said the top executives will forego half their annual cash "variable compensation" targets based on company and individual performance in exchange for a one-time special grant of stock options as a way to encourage and reward long-term performance. The executives will remain eligible for Corning's 2002 bonus program. Roger Ackerman, who stepped down as chief executive officer on Jan. 1, 2001, and retired as chairman on June 21, 2001, received a 2001 salary of $425,000 for his half year, according to the proxy. The rate was unchanged from the base salary of $850,000 the previous year. Other compensation totaled almost $218,000. In 2000, Ackerman received a bonus of almost $1.6 million. He also received more than 5.4 million restricted stock awards and more than 37,000 stock options last year, compared with more than 4.3 million restricted stock awards and almost 148,000 options the previous year, according to the proxy. John Loose, who became president and CEO on Jan. 1, 2001, saw his base salary rise to $850,000 last year from $650,000 the previous year due to his promotion from chief operating officer, according to the proxy. His other compensation totaled more than $218,000. He also received almost 3.8 million in restricted stock awards and more than 2.6 million stock options last year, compared with more than 5.4 million restricted stock awards and 2.2 million options the previous year, according to the proxy. With strike prices ranging from almost $60 to $9.95 at the low end, all the stock options are virtually worthless at the moment since Corning's stock is trading below $8 on the New York Stock Exchange (news - web sites). Corning also said in the proxy that it paid PricewaterhouseCoopers $3.4 million last year for auditing services and another $10.8 million for nonaudit services. While Corning said it will now use Ernst & Young for internal audit preparation work, it has not decided whether to bar its auditors from doing other consulting work. Corning said PricewaterhouseCoopers has been hired to handle the 2002 audit. Companies have come under increasing pressure to separate auditing and consulting work after the collapse of energy trading giant Enron Corp. . The company, which filed for bankruptcy last fall, used Arthur Andersen for both auditing and consulting. Telecoms equipment giant Lucent Technologies Inc. recently said it would no longer use the same company for auditing and consulting services.

To: John Trader who wrote (1665)	4/19/2002 8:33:48 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 2260

INTERVIEW-China latecomer Corning makes up for lost time SHANGHAI, April 19 (Reuters) - Corning Inc (NYSE:GLW - news), the world's biggest maker of fibre-optic cable and a relative latecomer to China, is spending heavily to make up for lost time. From investment of just $5 million two years ago to more than $200 million now, Corning will roughly double that figure again once it closes its purchase of two China fibre optics plants from Lucent Technologies (NYSE:LU - news), greater China president Simon MacKinnon said in an interview on Friday. ``We're now in the final stages of purchasing them,'' he said, referring to the two plants in Shanghai and Beijing. ``In that way we'd be doubling our investment by the end of the year.'' MacKinnon also predicted demand from China's fixed-line telecom industry, which has stalled as Beijing restructures the sector, will see a significant return in the second half of 2002. Since 2000, Corning has expanded its Greater China presence from a small stake in a manufacturer and sales of under $100 million to seven plants making components that end up in telecoms networks and flat-screen PC monitors, among other products. Sales in Greater China, including Taiwan and Hong Kong, exceeded $850 million in 2001, roughly 15 percent of the Corning, New York-based firm's overall turnover of $6.3 billion. ``For the three primary sectors that we address, we are in a very good situation in terms of growth in China,'' he said. Globally, Corning has endured a tough run amid the sharp downturn in the telecoms sector, which accounts for 70 percent of its total business. Early this week Corning said it may sack up to 12.5 percent of its 32,000-member global workforce. Despite MacKinnon's long-term bullishness, Corning, like many firms, has seen that China is not immune from the global economic malaise. ``This year (there are) much tougher business conditions, particularly in telecoms,'' the 41-year-old Briton and long-time Shanghai resident said during an interview in Corning's offices overlooking China's booming commercial hub. SEVERE PRESSURE Spending by China's fast-growing telecoms sector has slowed this year as the restructuring of the fixed-line industry drags on, crimping purchases of the networking gear that relies on Corning's optical technology. Meanwhile, rivals -- starved for growth elsewhere as telecoms carriers retrench from their spending spree that ended two years ago -- are looking to China and creating ``severe pricing pressure,'' MacKinnon said. ``There's no doubt that worldwide, China is one of the stronger markets, but we're seeing that players in our sector are focusing on China in the search for sales,'' he said. Nevertheless, MacKinnon said Corning has hit a sweet spot in its target sectors, which are expected to see longer-term growth in excess of the overall China economy's seven-plus percent. Despite the recent hiccup in telecoms spending, for example, Beijing expects investment in telecoms infrastructure will grow 20 percent a year over the next few years, he said. Corning, which makes glass panels for TV and computer screens and handheld devices, also sees opportunity in the half-million big-screen projection TVs that will be sold in China this year, MacKinnon said. Corning makes lenses that focus TV images. The firm, which also makes a ceramic filter used in catalytic converters, will benefit from China's mushrooming car industry, which is bolstering emissions standards, MacKinnon said. ``As the emissions regulations tighten, this is great news for Corning,'' he said.