Corning Beats the Street, Reduces Earnings Forecast

Corning (GLW ) posted $0.34 vs. $0.18 Q4 EPS (pro forma) on a 52% sales rise, beating Street estimates. The chemical concern widened its Q1 EPS guidance to $0.28-$0.31 from $0.29 cents to $0.30. Salomon Smith Barney downgraded Corning's rating, while Merrill Lynch reportedly also downgraded the company's rating. S&P maintained its accumulate rating.

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