Markets & Finance

Corning Beats the Street, Reduces Earnings Forecast

Corning (GLW) posted $0.34 vs. $0.18 Q4 EPS (pro forma) on a 52% sales rise, beating Street estimates. The chemical concern widened its Q1 EPS guidance to $0.28-$0.31 from $0.29 cents to $0.30. Salomon Smith Barney downgraded Corning's rating, while Merrill Lynch reportedly also downgraded the company's rating. S&P maintained its accumulate rating.

Polaroid (PRD) posted a $0.26 Q4 loss from operations vs. $0.64 EPS on a 22% sales drop. The seller of photographic equipment believes conservative trade buying patterns will continue into 2001.

JDS Uniphase (JDSU) and SDL Inc. (SDLI) are expected to complete their merger in February 2001. Salomon Smith Barney downgraded the company to outperform from buy.

Schering-Plough (SGP) posted $0.39 vs. $0.34 Q4 EPS on a 5.6% sales rise.

Dow Chemical (DOW) posted $0.36 vs. $0.50 Q4 EPS from operations as higher hydrocarbon, energy costs and flat selling prices offset a 2.8% sales rise.

Eli Lilly (LLY) posted $0.70 vs. $0.61 Q4 EPS from operations on a 5.6% sales rise. The drug maker sees $0.71-$0.73 Q1 EPS, and $2.75-$2.85 2001 EPS.

E*Trade Group (EGRP) posted $0.02 Q1 EPS vs. a $0.13 loss from ongoing operations on a 22% revenue rise. The online trading company sees 2001 revenue of $1.6 billion and $0.25 EPS from operations. S&P maintained its hold rating.

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