I may have missed a thread but does anyone know anything about what Weeks had to say at the Citi Tech conference? Obviously it did not have any effect on the stocks performance, unless he only made it worse.
"CORNING, N.Y., September 03, 2008 – Corning Incorporated (NYSE:GLW) Chairman and Chief Executive Officer Wendell P. Weeks will address investors at the Citi Investment Research Technology Conference in New York today. He will provide revisions to the company's third-quarter guidance, share updates on key topics relevant to the company's Display Technologies segment and other businesses and address questions posed by investors.
Corning is lowering its third-quarter guidance for earnings per share before special items to $0.43 to $0.45*, down from the previous guidance of $0.48 to $0.51*. Sales are now expected to be in the range of $1.58 to $1.62 billion versus previously disclosed guidance of $1.65 to $1.72 billion. The company also revised its third-quarter gross margin expectation from at least 50% to about 47%. The guidance reductions are primarily related to lower-than-expected shipments of LCD glass in the company's wholly owned display business. With these changes, Corning’s third-quarter earnings per share, before special items, should be up approximately 15% on a year-over-year basis."