I agree with your assessment jimbo. Did you follow the bond auction today? No broker bidders and no Central Bank bidders. Guess who were buying 10 years bonds? US Institutions, telling us that they would rather get 2% interest for the 10 years then be in stocks. As they unload GLW their money is going into bonds.
Just look at daily volume, higher than average from July 21, 2011 to trading today. Your answer is, institutions are unloading to bottom feeders. BEAR markets love bottom pickers to line their pockets. Thank You Very Much!!!
It's because it is viewed as a one trick pony tied WAY too closely to consumer sentiment AND with a milk-toast management/guidance style that was scared shi#$%less in the early 2000's when GLW almost went under.