Corning slashes outlook, shares plummet

Corning Inc (GLW.N) slashed its fourth-quarter profit outlook and warned that a major South Korean client did not intend to honor its contracts, triggering a 14 percent share price plunge.

Corning said consolidated equity earnings are now expected to dive 30 percent this quarter versus the 5 percent decline anticipated previously, hurt also by a greater-than-expected fall in prices.

The U.S. company did not name the Korean customer, saying only that the Asian company did "not expect to honor the contract for the remainder of the quarter." Corning shares slid to $12.72 in afternoon trade.

Read Full Article from Reuters

- Posted: 2011-11-29 14:14:17

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