Corning, Fusion-IO, Xerox Shed Big Price Drops in Today’s Stock Trading
Corning Incorporated (NYSE:GLW): James B. Flaws, vice chairman and CFO, remarked. We are working closely with our customers to reduce glass prices to help them with their immediate financial strains. To that end, price declines will be significant in the first quarter of 2012, as they were in last year’s fourth quarter. We expect significant double-digit price declines over the cumulative two-quarter period. We are hopeful that our pricing actions, combined with our capacity decisions, will help us get back to more stable price declines in the coming quarters.” Corning is not anticipating much sequential change in the overall glass market in the first quarter. Volume at its wholly owned business should be in line with the glass market. In the company’s Telecommunications segment, Corning is forecasting that demand for its fiber-to-the-home, enterprise networks, and wireless products will remain strong worldwide. The shares closed at $13.05, down $1.57, or 10.74%. They have traded in a 52-week range of $11.51 to $23.43.
Fusion-IO, Inc. (NYSE:FIO): Non-GAAP gross margin is expected to be in the range of 50% and non-GAAP operating margin is expected to be breakeven to 5%. The shares closed at $25.50, down $4.84, or 15.95%. They have traded in a 52-week range of $14.90 to $41.74.
Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC): The company saw increased operator cautiousness during Q4 — due to uncertainties such as economic development and political unrest in some countries. The shares closed at $8.65, down $1.58, or 15.44%. They have traded in a 52-week range of $8.83 to $15.44.
InvenSense Inc (NYSE:INVN): The shares closed at $14.37, down $1.37, or 8.7%. They have traded in a 52-week range of $8.25 to $16.74.
Xerox Corporation (NYSE:XRX): Reports Q4 revenue $6B vs. consensus $6.07B. The shares closed at $7.81, down $0.86, or 9.92%. They have traded in a 52-week range of $6.55 to $11.50.
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