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The Business Page

Welcome to the business page, a blog where I'll take you behind the scenes of greater Rochester's fast-changing economy. My name is Ben Rand, and I intend to introduce you to some of the personalities, concepts and events that make news in business here. I've been a business reporter for eight years in Rochester and a journalist for 18, working in four states. I grew up in Pittsford, but moved away after college for about a decade. My wife and I live in Irondequoit with our two children.

Tuesday, May 23, 2006

Corning's Bounce

Focus around these parts is rightfully on the transformation at Eastman Kodak Co. But another major company in the region is having its own roller-coaster ride in adapting to marketplace changes.

Corning Inc. shares declined 5 percent Monday after the company reduced its forecast for demand for glass for liquid-crystal display screens. But that's after the shares almost doubled to $30 a share over the last 12 months. Analysts said the decline in demand for LCD glass was likely a temporary phenomenon.

The current stock price of about $23 is still a long way from the telecommunications bust, when Corning fell to just over $1 a share. Earnings growth has surged and even with yesterday's glass forecast, the company continues to say it will hit financial targets for 2006.

The company has a long history of reinvention. And perhaps, just perhaps, we're seeing the latest entry in that heritage.


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