Absolutely. Those who panic now shouldn't be in the market. While GLW's -3.92% drop for the day looks bad against DJIA's -1.63%, one has to keep an overall perspective since GLW is an individual stock. I like to monitor the daily Advance/Decline ratio. As it turns out, it ended being roughly a 1 to 3 ratio, which meant that GLW fit the general pattern of a drop along with 3/4 of the market.
And if you'd rather that GLW didn't drop significantly and held fast with no change, then keep in mind the other side of the coin. If it was a bull session where a lot of stocks went up, a "no change" stock in a bear session today is also likely to remain a "no change" stock. Which do you want? A stock with no volatility to make money, one that is a stable stock stock that barely keeps up with inflation? Or perhaps a moderately volatile stock that can make it a worthwhile investment.
It's like casino gambling; if you can't stomach "losing" money, then don't bother playing. Unlike casino gambling, however, today's loss is a "paper" loss. Until one sells, you don't realize your gain or loss.