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Tuesday, January 28, 2014

Corning warns of further fall in LCD glass prices, (NYSE: GLW)

Specialty glass maker Corning Inc warned that prices of LCD glass would decline further in the current quarter, raising concerns about growth in its display business.Corning shares fell as much as 9 percent on Tuesday."The one major concern investors walked away from the outlook was the pricing pressure in first quarter. Instead of being down 2-3 percent in the quarter versus the prior quarter, it's probably going to be down twice that amount," said analyst Steven Fox of Cross Research.Core sales in Corning's display technologies business, which makes LCD panels for Sony Corp and Lenovo Group , fell 5 percent to $665 million in the fourth quarter.

Corning Incorporated (Corning) is a global, technology-based corporation. Shares of GLW fell by 5.89% or $-1.073/share to $17.15. In the past year, the shares have traded as low as $11.75 and as high as $19.12. On average, 10885200 shares of GLW exchange hands on a given day and today's volume is recorded at 32085320.