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.