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Corning Outlook Hit by Stronger Yen, Taiwan Slowdown

July 30, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

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.

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