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Corning Drops 9% after Reducing Earnings Guidance

Shares of Corning ( GLW ) are down 9% and have fallen up to 10% in heavy volume, following some comments on the company's guidance. GLW's Tony Tripeny commented, this morning: "We disclosed in our third-quarter earnings call that we expected to regain lost market share in Korea in the fourth quarter... However, following initial positive reactions, including higher shipments in October and early November, this customer recently informed us that they do not expect to honor the contract for the remainder of the quarter. As a result, Samsung Corning Precision Materials Co., Ltd. is not expected to reach its volume targets in Korea," as reported by StreetInsider.com.

Corning now expects SCP's LCD glass volume to be in the range of 5% to 10%, versus the original guidance of more than 20% volume growth. Additionally, GLW expects LCD glass price declines to be more significant in the fourth quarter. The company has now adjusted its forecast for consolidated equity earnings, which will be down 30% vs. original guidance of down 5%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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