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Corning to take billions of dollars in charges
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Shares of Corning stocks are down six percent today after the upstate company announced it will take non-cash charges of nearly three (b) billion dollars against third-quarter results.
Corning says the move comes as its telecommunications unit continues to struggle with industry sluggishness. The materials company specializes in fiber-optic and glass products.
Corning recorded a 108 (m) million-dollar profit for the last quarter that beat Wall Street forecasts. A surge in sales of glass used in flat-screen computer monitors and televisions helped boost Corning's bottom line.
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October 12th, 2004
Source: Wstm.com |
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