Corning Inc. (NYSE: GLW) is making a presentation this morning at a UBS conference, and it is adding more negative sentiment on top of what was already there. CFO James Flaws said the company is withdrawing its previously given guidance for this fourth quarter.
Flaws noted that panel makers (particularly in Taiwan) have continuedto reduce capacity in the second half of this quarter due to weakeningretail demand for LCD TV’s and desktop monitors.
What is sad is that it shows that things are continuing to get worse, and this is just a few weeks after disappointing guidance after itslast earnings. The new guidance is "below" the $1.1 billion to $1.2 billionin revenue previously offered and "at the low end of below" the $0.20to $0.28 EPS range previously offered.
While the company said it is well positioned and still believes itsmarkets are strong, the quote pretty much says it all: “The latesteconomic news indicates that we may be facing a prolonged globalrecession."
H-P might be a standout, but there are serious issues out there in technology land for PC’s and consumers.
Corning shares are down almost 7% at $8.38 pre-market. Its 52-week trading range is $8.03 to $28.07.
Jon C. Ogg
November 18, 2008
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