Fiber Business Drags Corning6/17/2001 8:00 PM Eastern
Corning Inc.'s share price fell 40 cents, to $16.95, early Thursday, after Merrill Lynch & Co. Inc. analyst Steven Fox downgraded his near-term rating on the stock to "neutral" from "accumulate." In his report, Fox wrote that Corning's fiber-optic cable business, which represents about 25 percent of its overall revenue, will be "below even our worst-case scenario" over the next few quarters. Fox added that he expects Corning to produce favorable returns in 12 to 18 months, instead of 12 months. He maintained his long-term buy rating on the stock.