Corning reduced its outlook for 2001 earnings to $1.20-$1.30 per ...
Corning reduced its outlook for 2001 earnings to $1.20-$1.30 per share from earlier estimate of $1.40-$1.43. Company said revision reflected current economic slowdown, particularly lower expectations for telecom segment. “Recent customer feedback… indicates that a meaningful recovery of spending…
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by our telecommunications customers will occur much more slowly than we had previously anticipated,” Corning CEO John Loose said. Corning shares rose 9% following announcement.