Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily

Corning Outlook Hit by Stronger Yen, Taiwan Slowdown

July 30, 2008 at 10:16 am PT

The selloff in Corning (GLW) shares today reflects disappointment with the company’s third-quarter revenue outlook. In an interview with Tech Trader Daily this morning, Corning CFO Jim Flaws says the lower-than-expected forecast reflects two underlying issues.

One, the company expects some strengthening of the yen against the dollar in Q3. Corning is forecasting an average exchange rate of 108 yen to the dollar; the rate in Q2 was 105 yen. And Flaws notes that the Street had been forecasting 103 yen to the dollar for Q3. The 5-yen difference represents a $45 million swing in the top-line, he notes.

Read the rest of this post

Tagged with: Barrons, Corning, Eric Savitz, frontpage, Jim Flaws, Tech Trader Daily

Must-Reads from other Websites

Why Apple Should Buy China’s Xiaomi

Panos Mourdoukoutas, Contributor, Forbes

What I Didn’t Say

Paul Graham, Founder, ViaWeb

We Need to Talk About TED

Benjamin Bratton, Journalist, The Guardian

I, Glasshole: My Year With Google Glass

Mat Honan, Senior Writer, Wired

All Together Now

Chris Ware, Writer, The New Yorker

The Sculpture on the Moon

Corey S. Powell and Laurie Gwen Shapiro, Contributors, Slate

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.